Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 51717.88 area after trading as low as the 48317.39 area during the Asian session, with the intraday high representing a test of an upside price objective around the 51732.54 area, a level related to buying pressure around the 17580 area. Stops were recently elected above the 49818.47, 49994.09, 50270.14, 50394.69, 51312.54, and 51593.32 levels during the push higher. If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 52052.19, 52310.93, 52777.60, 53194.95, 53276.47, 53357.59, and 54400 levels.
Following the recent surge of BTC/USD, traders are carefully watching potential areas of technical support including the 48045.38, 47111.66, 46393.28, 45773.41, 44262.05, and 43099.24 levels. Traders also note that Stops were recently elected above the 35943.73, 36480.83, 36854.45, 46338.25, 49818.47, and 49994.09 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, 9819.83, 21913.84, 17580, and 27768 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 47666.16 and the 50-bar MA (Hourly) at 49157.21.
Technical Support is expected around 47111.66/ 46393.28/ 45773.41 with Stops expected below.
Technical Resistance is expected around 51732.54/ 52052.19/ 52777.60 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 Bearishly below 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.