Bitcoin Bulls Targeting Major Breakout Above 38K

Bitcoin Bulls Targeting Major Breakout Above 38K

In the realm of cryptocurrency, Bitcoin has witnessed a notable surge in positive momentum, with bullish traders aiming for a significant breakthrough above the $38,000 threshold.

This recent upswing has been particularly evident during the Asian trading session, as key levels like $37,165.61, $34,965.04, and $37,516.08 have seen stops being elected.

Technical indicators, such as the 50-bar moving average (MA) on both the 4-hourly and hourly charts, further reinforce a bullish sentiment.

However, it is essential to exercise caution and consider retracement levels and historical buying pressure when assessing potential resistance and support areas.

Key Levels to Watch

When considering the key levels to watch for Bitcoin’s potential breakout above $38K, it is important to analyze the technical indicators and historical buying pressure.

Currently, Bitcoin has maintained strong positive momentum, with stops being elected above the 37,165.61, 34,965.04, and 37,516.08 levels. This suggests that there is significant buying interest in these ranges, indicating a potential breakout above $38K.

Technical indicators such as the 50-bar moving average (MA) on the 4-hourly and hourly charts are also bullish, further supporting the breakout potential.

Additionally, traders are observing the 50-bar MA on the 4-hourly chart, which is bearishly below the SlowD, suggesting a possible retracement before the breakout.

Technical Indicators and Analysis

Technical indicators and analysis provide valuable insights into the current market conditions and potential price movements of Bitcoin.

The 50-bar moving average (MA) on the 4-hourly chart indicates bullishness, positioned above the 100-bar MA and the 200-bar MA. Similarly, on the hourly chart, the 50-bar MA is also indicating bullishness above the 100-bar MA and the 200-bar MA.

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Resistance levels to watch for Bitcoin include 38584.16, 39596.82, and 42721.31, with stops expected above these levels. Traders should also keep an eye on the retracement levels, with the 38.2% retracement level at 35912.28 and major stops triggered above the 37362.84 level.

These technical indicators and analyses help traders identify potential price targets and resistance levels, aiding in decision-making and risk management strategies.

Potential Retracement Levels

Bitcoin bulls are eyeing a significant breakout above the 38K level, anticipating potential retracement levels.

When considering retracement levels, traders often turn to Fibonacci retracement levels and historical support and resistance levels.

In the case of Bitcoin, large stops were recently elected above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high of 69000 to 15460.

Additionally, major stops were triggered above the 37362.84 area during the steep climb to eighteen-month highs.

Upside price objectives are related to historical buying pressure around the 3858 and 15460 levels.

Hourly Chart Insights

The hourly chart provides valuable insights into potential price movements for Bitcoin.

Currently, there is bullish momentum on the hourly chart, as indicated by the SlowK being above SlowD.

However, it is important to note that there is a bearish signal on the MACD, with it being below the MACD Average. This suggests a potential downside movement in the near term.

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Traders should closely monitor these indicators to gauge the market sentiment and make informed trading decisions.

It is crucial to consider both the bullish momentum and the bearish MACD signal when analyzing the hourly chart, as they provide valuable information about the potential direction of Bitcoin’s price.