BTC Rebounds Above 24K as Stops Trigger Uptrend

• Bitcoin (BTC/USD) rebounded slightly early in the Asian session as the pair rallied back above the 24000 figure.
• Stops were elected above the 24224.60 and 23980.62 levels, representing an upside price objective related to buying pressure around the 15460 and 20370.01 areas.
• Technical support and potential buying pressure are around 22389, 22184, 21230, 20294, 19861, 19357, and 18822 levels while technical resistance is expected near 25455.06/ 25774.41/ 26612.64 with Stops expected above.

Overview

Bitcoin (BTC/USD) rebounded slightly early in the Asian session as the pair rallied back above the 24000 figure after bottoming out around 23257.71 area, a move lower that represented another test of the 200-hour simple moving average.

Buying Pressure

Stops were elected above the 24224.60 level, an upside price objective related to buying pressure that emerged around the 15460 and 20370.01 areas. Additional Stops were recently elected above the 23980.62 level representing an upside price objective associated with demand around the 20333.33 level.. Upside price objectives related to buying pressure around these areas include 25455, 25774, 27609, 28004 ,26612 ,26931 ,29244 ,29639 respectively .

Technical Support & Resistance

Following recent move higher to multi-month highs technical support levels and potential buying pressure are found at 22389 ,22184 ,21230 ,20294 ,19861 ,19357 & 18822 respectively while technical resistance is near 25455 /25774 /26612 with Stops expected above . Moving averages suggest bullish trend in both 4 hourly & hourly charts .

Indicators

On 4 Hourly chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage . On 60 minute chart however SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage .

Disclaimer

Sally Ho’s Technical Analysis should not be used as legal advice or financial advice . It only serves as informational purpose only .