• BTC/USD traded as low as the 29859.94 area and then quickly recovered to reach the 30584.58 level, its highest since early June 2022.
• Several upside price objectives and retracement levels were identified, including the 30763.09, 31477.37, 32501.23, 32989.19, 34583.96 and 35222.66 levels.
• Technical indicators point to further bullish momentum in the near future with support expected around 28491.20/ 27887.62/ 26297.85 and resistance around 31986.16/ 32989.19/ 34658.69 .
BTC/USD Blasts to 30584
The Bitcoin (BTC/USD) pair encountered bids above the 30000 figure after trading as low as the 29859.94 area, representing a test of the 23.6% retracement of its recent appreciation range from 27227.61 to 30584.58 which pushed BTC/USD up to its strongest print since early June 2022 at 30584..58 area..
Upside Price Objectives
Large Stops were elected above several upside price objectives linked to buying pressure around the 15460, 19568., 20233.,33, 20380.,01 levels which include the 30763.,09,, 31477.,37,, 32501.,23,, 32989.,19,, 34583.,96,, 34658.,69,, 35222.,66,, 37765.,28,, and 38403.,97 levels..
Retracement Levels & Areas Of Potential Support
Following this ongoing appreciation retracement levels and areas of potential technical support includethe 29941, 29792 , 29659 , 29544 , 29373 , 29302 , 29222 , 28906 , and 28509 levels..
Technical Indicators
Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and abovethe 200-bar MA (4-hourly). Similarly,the 50-bar MA (hourly) is also bullishly indicating above both 100-barMA(hourly)and 200-barMA(hourly).Price activity is nearestto50-barMA(4‐ hourly)at28580 63and50 – barMA(Hourly)at29803 33 respectively..
Support & Resistance Levels
Technical Support is expected around 28491 20 /27887 62 /26297 85withStopsExpectedbelow whiletechnical Resistanceisexpectedaround31986 16 /32989 19 /34658 69withStopsexpectedabove ..