Bitcoin (BTC/USD) gained ground early in today’s North American session as the pair strengthened to the 32187.65 area after trading as low as the 29902.14 area during the Asian session, with the intraday low representing a test of previous technical support around the 29891.13 area. Stops were elected above the 31905.43 area during the move higher, representing the 38.2% retracement of the appreciating range from 28732 to 33867, and also above the 100-hour simple moving average. Traders also encountered some technical resistance around the 32245.96 area during the move higher, a price retracement area related to the appreciating range from 30103.45 to 40115.20. BTC/USD recently encountered some technical resistance around the 34810 area, a previous relative high from early January. Significant Stops were recently elected below the 33850.03 level, an area around the 38.2% retracement of the appreciating range from 27678 to 37823 and the 61.8% retracement of the appreciating range from 30100 to 40127.66. Large Stops were also recently triggered below the 32779.10 level, a downside retracement level related to the broader depreciating range from 41452.12 to 30100.
Following the recent depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 levels. Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation. During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels. If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and below the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 32357.12 and the 100-bar MA (Hourly) at 32032.24.
Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.
Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.