Bitcoin (BTC/USD) attempted to maintain its recent upward bias early in the Asian session as the pair receded to the 45969.77 area after trading as high as the 48076.52 level, with the interday high representing a test of the 23.6% retracement of the depreciating range from 58367 to 44888.08. Traders observe BTC/USD tested the 45945.44 area on a pullback during the North American session, representing the 50% retracement of the recent appreciating range from 43714.36 to 48176.52. BTC/USD recently peaked around the 48176.52 area, a fresh multi-month high.
Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include 45418.91, 44767.43, and 44669.26. If BTC/USD extends its recent upward trajectory, upside retracement levels and areas of potential technical resistance include the 48287.98, 52608.44, and 53259.47 areas. 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 200-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 45932.06 and the 50-bar MA (Hourly) at 46766.74.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 48287.98/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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