Bitcoin (BTC/USD) continued to trade in a very technical manner early in the Asian session as traders awaited fresh market sentiment. The pair peaked around the 42605.64 level in late July, its strongest print in several weeks and one that secured an 18%+ gain in July, and a 43% climb year-to-date. Following this print, technical trading became evident and knocked BTC/USD lower back below the 40000 figure. Traders pushed BTC/USD lower to the 37509 level in early August, a move that represented a test of a downside price objective around the 37518.54 level.
Selling pressure emerged around the 41517 and 40459.68 levels in early August, and various downside technical price objectives have emerged as a result of this selling pressure. These levels include 38775, 38719.10, 37519.72, 37518.54, 36408.43, 34944.36, and 32577.79. Following the recent ascent to multi-week highs, downside price retracement levels include 37523.48, 35953.60, 34873.72, 32441.32, and 32148.63. Traders are observing that the BTC50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 200-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 39901.85 and the 200-bar MA (Hourly) at 39837.19.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 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.