Bitcoin (BTC/USD) resumed its upward momentum early in the North American session as the pair orbited the 62000 figure after a quick sell-off to the 58943.83 level early in the week. Stops were elected below some technical retracement levels during the sell-off, including the 59458 and 59269 areas, and traders stopped short of testing the 50% retracement of the recent appreciating range from 53873 to 62910. Additional Stops were elected below the 59081 area, a downside price objective related to selling pressure that emerged around the 62910 and 61447 levels. Technical support recently emerged around the 56866.04 area, representing the 23.6% retracement of the appreciating range from 37300 to 62910, and a level that was also around the 50-hour simple moving average.
As traders accumulate long positions around the psychologically-important 60000 figure, there is renewed focus on upside retracement levels and areas of potential technical resistance including the 63681 and 64899 areas. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 58391, 58144, 57408, 57325, 57019, 56006, 55628, and 54381 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 58127.42 and the 50-bar MA (Hourly) at 61126.79.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 62910/ 63831.82/ 64899 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 Bearishly below 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.