• Bitcoin (BTC/USD) surged to a multi-month high of 29190.04 in the Asian session
• Upside price objectives include the 30127.80, 29244.66 and 29639.37 levels
• Technical Support is expected around 25256.83/ 24224.60/ 21753.70 with Stops expected below

Bitcoin Price Surges

Bitcoin (BTC/USD) experienced a surge higher to an all-time high of 29190.04 in the Asian session which solidified technical support around the 26525 level, just above the 23.6% retracement of its appreciating range from 19568.52 to 28937.93 .

Upside Price Objectives

The move higher has bulls increasingly eyeing the 30127.80 level, an upside price objective associated with buying pressure around 15460 and 19568.52 levels, as well as other potential targets such as 29244.66, 29639.37 and 30275.12 .

Downside Price Objectives

Should price activity dip lower, traders are observing that downside price objectives include 19266, 19132, 19106, 19006 and 18981 areas along with retracement levels and areas of potential technical support such as 25948, 25756 and 25358 .

Moving Averages Indicate Bullishness

Stronger long positions are being supported by moving averages as the 50-bar MA (4-hourly) is bullishly indicating above both 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Similarly, the 50-bar MA (Hourly) is also bullishly indicating above both 100-bar MA (Hourly) and 200-bar MA (Hourly).

Technical Indicators Suggest Further Movement Upward

Price activity is closest to 50 bar Moving Average at 27840 while Technical Support is expected around 25256/ 24224/21753 with Stops expected below it on 4 Hour chart SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage on 60 minute chart SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage suggesting further movement upward for BTC/USD pair