Bitcoin (BTC/USD) established a new lifetime high early in today’s North American session as the pair appreciated to the 52899.46 area after trading as low as the 50725 area during the Asian session, briefly trading below the 23.6% retracement of the recent appreciating range from 45768.46 to 52640.35. Stops were elected above the 52777.60 area during the move higher, an upside price objective related to buying pressure around the 21913.84 level. BTC/USD easily ran through some upside price objectives this week including the 50394.69, 51312.54, 51594.32, 51732.54, 52052.19, 52310.93, and 52505.24 levels. These upside price objectives are technically significant on account of buying pressure that originated around the 27678, 17580, 9819.83, 17580, 16200, 17596.74, and 21913.84 levels. If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 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 51018.58, 50015.29, 49204.41, 48393.52, 47390.23, and 47239.04 levels. Additional areas of potential upside pressure include 49036.87, 46807.59, 45005.85, 43204.11, 40974.83, and 40638.92. 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 49049.10 and the 50-bar MA (Hourly) at 51792.21.
Technical Support is expected around 47111.66/ 46393.28/ 45773.41 with Stops expected below.
Technical Resistance is expected around 53194.95/ 53276.47/ 53357.79 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.