Bitcoin (BTC/USD) remained weak early in the Asian session as the pair could not sustain interday gains to the 57670.68 level and depreciated to the 56086.21 level, representing a test of a downside price objective related to recent selling pressure around the 59118.84 and 57414.93 levels. Stops were elected below the 55143.09 area, another downside price objective related to this selling pressure. Additional downside price objectives related to this earlier selling pressure include the 54205.76, 53046.01, and 51171.34 levels. BTC/USD bulls continue to eye technical hurdles around the 59076.15 and 59222.36 areas, representing the 78.6% and 76.4% retracements of the appreciating range from 57653.88 to 64300.
Another important level is the 59441.39 area, representing the 38.2% retracement of the depreciating range from 69000 to 53533. Additional upside retracement levels include the 61266.50, 63091.61, 65349.79, and 65690.06 levels, while additional downside retracement levels include the 49150.78, 44466.36, 38670.39, and 37797.03 areas. Following the pair’s recent volatility, downside retracement levels and areas of potential technical support include the 53150, 52598, 49409, and 49150 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 57318.19 and the 200-bar MA (Hourly) at 56368.39.
Technical Support is expected around 53150/ 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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.