Bitcoin (BTC/USD) extended gains early in the North American session as the pair added to recent upward pressure that have seen it print at multi-month highs well above the 59000 figure. Stops were elected above the 58520.71 area during yesterday’s Asian session, a recent relative high, with additional Stops triggered above the 59592.20 area, a relative historical peak from earlier this year. BTC/USD bulls rampaged through and above technical resistance around the 58847.93 level, representing the 38.2% retracement of a historical appreciating range from 49328.62 to 61788.45.
As traders accumulate long positions just below the psychologically-important 60000 figure, there is renewed focus on upside retracement levels and areas of potential technical resistance including the 61788.45 area and 64899 area. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 58425, 58188, 57652, 57269, 57028, 56526, 56403, 55783, and 55514 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 55917.51 and the 50-bar MA (Hourly) at 57044.14.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 61788.45/ 63831.82/ 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.