Published
3 years ago on
February 05, 2021
Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 38348.99 area after trading as low as the 36605.87 area during the Asian session, with the intraday low just above a previous technical support area around the 36565.08 level. Stops were elected above the 38152.44 and 38209.91 levels, representing the 76.4% and 78.6% retracements of the recent depreciating range from 38209.91 to 38152.44. Traders are curious to see if BTC/USD has the strength to take out a couple of upside technical resistance levels, including 38360.88 and 38664.33. Technical trading has been evident most of the week. If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 39022.77, 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 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. Following the recent depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 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 35144.75 and the 50-bar MA (Hourly) at 37442.81.
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 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.
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