Bitcoin stretched its latest upward movements during the early Asian session as BTC/USD met optimistic strength beyond the $16.5K mark. That had the leading crypto climbing to $16,693.18, with bulls targeting the latest peaks of $16,797.28.
BTC/USD gained upside momentum after rebounding from the 50 4hr Simple Moving Average. Meanwhile, the pair approaches the 100 4Hr SMA. Analysts recently placed Stops beyond $16,088, $16,222, $16,717, and $16,984 as the leading crypto asset soared to its multi-session peaks.
A recent steep fall saw Bitcoin plummeting to $15,460 after analysts elected Stops beneath $15,512 – its latest 2-year low. Meanwhile, the lows represented a bearish objective according to the selling momentum that heightened near the $21,478.8 and $18,494.4 value zones. Associated downward price objectives beneath the current price include $13,369, $8,837, and $7,358.
Bitcoin’s Recent Fall
The latest crash amplified after analysts elected Stops beneath $16,990, $16,966, and $16,503 zones – value regions related to historical growing ranges that began near $3,858 and $9,819. Market analysts still see $14,500.16 and $10,432.74 as massive downward targets.
Further downward price objectives include $14,613, $10,727, and $9,682 – price regions associated with the selling momentum that magnified near $20,894.97 and $18,495.50. Meanwhile, the latest dip to a 2-year low had potential resistance levels at $17,791, $18,495, $19,199, $20,070, and $20,201.
Moreover, the 50 MA remains bearish beneath the 200 MA and under the 100 MA (four hourly). Also, the 50 Moving Average flashed bullishness beyond the 100 moving average and the 200 moving average (hourly).
Bitcoin’s price hovers around the 100 moving average (four hourly) at $16,758.69 & the 50 moving average (hourly) at $16,544.88. Meanwhile, potential technical support would be at $14,500/ $13,369/$10,727 with Stops beneath these value zones.
Technical resistance would stand at $18,495/$19,199/ $20,070, with Stops beyond. The four-hour chart shows Slow flashing bullishness beyond SlowD while the Moving Average Convergence Divergence remained bullishly beyond MACDAverage.
Meanwhile, the 60-minute chart shows the SlowK bullishly beyond SlowD as the MACD stayed bullish beyond MACDAverages. Monday updates about FTX could offer price direction for the crypto market. Meanwhile, time will tell what BTC will bring next. Stay tuned for the latest cryptocurrency updates.
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