Bitcoin (BTC/USD) continued to search for an upside catalyst early in the Asian session as the pair remained pressured below the 60734.25 level, representing the 38.2% retracement of the depreciating range from 69000 to 55625. The pair has been unable to sustain short-term gains above the 58781.50 area, representing the 23.6% retracement of this depreciating range. Strong selling pressure emerged last week after BTC/USD traded as high as the 66339.90 level, representing a test of the 23.6% retracement of the appreciating range from 57653.88 to 69000.
Stops were elected below many retracement levels and areas of potential technical support during the recent pullback, including the 65430, 64562, 63515, 63221, 61985, 61436, 60436, 59652, and 58887 levels. Following the pair’s recent volatility, downside retracement levels and areas of potential technical support include the 53835, 53150, 52598, 49409, and 49150 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and below the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 58614.74 and the 50-bar MA (Hourly) at 57156.36.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 69000/ 69449.40/ 77565.60 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 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.