• Bitcoin (BTC/USD) maintained strong upward momentum early in the Asian session as the pair explored bids above the 24000 figure.
• Stops were elected above a series of upside price objectives during the massive rally, including the 23980.62 and 24224.60 levels.
• Technical support levels and areas of potential buying pressure are around the 23833, 23552, 23171, 23134, 22878, 22717, 22674, 22101, 21439, and 21295 areas.
Bulls Assume Command
Bitcoin (BTC/USD) has maintained strong upward momentum early in the Asian session as it explores bids above the 24000 figure following its acute ascent to a fresh multi-month high around the 24903 level. Stops have been elected above a series of upside price objectives during this massive rally including 23980.62 and 24224.60 levels.
Price Objectives
Upside price objectives related to buying pressure around 16326.16 area include 25455, 25774, 27609 and 28004 levels; while those related to buying pressure around 15460 area include 26612, 26931 29244 and 29639 levels respectively.
Technical Support Levels
Following this recent move higher to multi-month highs technical support levels and areas of potential buying pressure can be found around 23833, 23552 ,23171 ,23134 ,22878 ,22717 ,22674 ,22101 ,21439 and 21295 areas with stops being placed below 21047 ,20874 20724 and 20370 levels respectively .
Moving Averages
Traders are observing that 50-bar MA (4-hourly) is bearishly indicating below 100-bar MA (4-hourly) meanwhile it is also bullishly indicating above 200-bar MA (4-hourly). Additionally 50 bar MA (Hourly) is also bullishly indicating above both 100 bar MA (Hourly) & 200 bar MA (Hourly). Price activity is nearest to 100 bar MA(4 Hourly ) at 22832.33 & 50 bar MA( Hourly ) at 23109.81 .
Additional Price Activity Levels
Below current price activity technically significant areas include 15900 ,15512 ,15313 ,14500 14364 13369 10727 10432 9682 8837 & 7538 level respectively .