Bulls Take Charge: BTC/USD Shoots to Fresh Multi-Month High

• Bitcoin (BTC/USD) surged to a multi-month high of 24903, with multiple upside price objectives being activated throughout the rally.
• Technical support and potential buying pressure levels are around 23833, 23552, 23171, 23134, 22878, 22717, 22674, 22101, 21439 and 21295.
• Stops are located below 21047, 20874, 20724 and 20370 and further technical resistance is expected around 25455.06/ 25774.41/ 26612.64.

Bulls Assume Command

Bitcoin (BTC/USD) surged to a multi-month high of 24903 in the Asian session as bulls assumed command of the market. Multiple upside price objectives were activated throughout this massive rally that saw stops elected above a series of targets including 23980.62 and 24224.60

Price Objectives

Upside price objectives related to buying pressure around the 16326.16 area include the 25455 level, 25774 level, 27609 level and 28004 level while those related to buying pressure near 15460 include 26612 level ,26931 level , 29244 level and 29639 level respectively .

Technical Support & Resistance Levels

Technical support levels and potential buying pressure areas exist around 23833 ,23552 ,23171 ,23134 ,22878 ,22717 ,22674 ,22101 ,21439 and 21295 areas while technical resistance is expected near 25455.06/25774.41/26612.64 with stops placed above these levels . Below current prices activity technically significant areas include 15900 ,15512 ,15313 ,14500 , 14364 , 13369 10727 10432 9682 8837 7538 levels .

Moving Averages Indicate Bullish Momentum

Moving averages indicate bullish momentum as 50-bar MA (4-hourly) is bearishly indicating below 100 -bar MA (4-hourly) while still hovering over 200 – bar MA (4-hourly). Similarly 50-bar MA (hourly) is bullishly indicating above 100 – bar MA (hourly) as well as 200 – bar MA (hourly). Price activity lies closest to 100 – bar MA(4 hourly ) at 22832 .33 and 50-bar MA( Hourly ) at 23109 .81 .

MACD & SlowK Indicators Signal Bullishness

The 4 hour chart’s SlowK indicator is bearishly below SlowD while MACD indicator is Bullishly above MACDAverage similarly on 60 minute chart SlowK indicator is Bearishly below SlowD but MACD indicator is Bearishly below MACDAverage signalling bullishness in the market overall

Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily nor it should be used as legal tax investment or financial advice