Bitcoin (BTC/USD) Orbits Key Technical Level at 23790.51

• Bitcoin (BTC/USD) continued to orbit a key technical level around the 23790.51 area, representing the 38.2% retracement of an appreciating range from 21366.45 to 25288.88.
• Traders recently pushed BTC/USD as low as the 22520 area during an ongoing pullback, representing a test of a downside price objective around the 22587 area associated with selling pressure at 24132.67.
• Stops are cited below the 21047, 20874, 20724 and 20370 levels while upside price objectives include 25455, 25774, 26612, 26931 and 27609 levels.

Bitcoin (BTC/USD) Technical Analysis

Current Price Activity

Bitcoin (BTC/USD) is currently orbiting a key technical level around the 23790.51 area which represents the 38.2% retracement of its appreciating range from 21366.45 to 25288.88. Buying pressure has emerged around the 23204.16 area and traders have pushed BTC/USD as low as 22520 during ongoing pullback – this represents a test of downside price objective around 22587 related to selling pressure at 24132.67. Additionally, buying activity previously strengthened around 16326 and 20333 areas leading to additional upside price objectives such as 25455, 25774, 26612 and 26931 levels respectively while stops were noted below 21047, 20874 ,20724 and 20370 levels accordingly..

Moving Average Convergence Divergence (MACD)

The 50-bar MA (4-hourly) is bullishly indicating above both 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Similarly 50-bar MA(Hourly) is bearishly indicating below 200 bar MA(Hourly while still above 100 bar MA(Hourly). On 4-Hourly chart SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage on 60 minute chart SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage respectively .

Technical Support & Resistance Levels

Technically significant areas for support include 15900, 15512 ,15313 ,14500 ,14364 ,13369 ,10727 ,10432 ,9682 ,8837 and 7538 levels respectively .On other hand technically significant resistance areas include25455 .06 /25774 .41 /26612 .64 with stops expected above them accordingly .

Price Objectives

Downside price objectives include 22366 22074 21949 21919 21756 21386 21161 20982 20471 20209 19886 19251 levels respectively ;while prior to recent pull back move towards fresh multi month highs around 25288 also represented test of extra upside target at25455 level related to historical buying pressures mentioned earlier in article . Further additional upside targets include25774 26612 26931 27609 28004 29244 29639levels respectively


To conclude BTC/USD continues orbital movement along key technical level near23790 price region with both bullish & bearish indications on various time frames accompanied by multiple target prices both upwards & downwards making it interesting market for traders to watch out for in near future