Bitcoin (BTC/USD) extended its climb higher early in today’s Asian session as the pair appreciated to the 50888 area after trading as low as the 48078.62 area during the North American session, with the interday low representing a test of the 23.6% retracement of the recent depreciating range from 58367 to 44888.08. Traders continue to monitor the movements of BTC/USD around the psychologically-important 50000 figure, and observe the intraday high was just above an important retracement level around the 50784.99 level. Stops were recently elected below a series of downside retracement levels including 51473.20, 50674.71, 49674.05, 48741.27, 48371.21, and 47208.40. If BTC/USD extends its move lower, traders will pay close attention to potential areas of technical support including 44441.89, 43761.50, 42786.36, 42259.21, and 41537.23.
Stops were recently elected above many significant technical levels during the latest move to a new all-time high, including the 51732.54, 52505.24, 53194.95, 53276.47, 54400, 55266.17, 55715.92, 56761.65, and 57427.73 levels. These areas relate to historical buying pressure around the 17580, 21913.84, 27678, 16200, 27678, 21913.84, and 9819.83 levels. If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 58896.80, 59724.81, 59792.54, 60,069.04, 60368.14, 60522.13, and 61064.65 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 49964.84 and the 50-bar MA (Hourly) at 49381.47.
Technical Support is expected around 44441.89/ 43761.50/ 42786.36 with Stops expected below.
Technical Resistance is expected around 58896.80/ 59724.81/ 59792.54 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.