Bitcoin (BTC/USD) worked to sustain recent upside progress early in today’s Asian session as the pair tested the 49595 level, representing the 50% retracement of the appreciating range from 47200 to 51995, before some profit-taking ensued. This area was also right around the 50% retracement of the depreciating range from 57670.68 to 41053.06, and the 49502.19 level also represents the 61.8% retracement of the depreciating range from 51995 to 45469.32. BTC/USD bulls are waiting to see if BTC/USD can sustain a break above the 51503.64 area, representing the 38.2% retracement of a broader depreciating range from 66339 to 42333.
Selling pressure commenced around the 59114.84 level in recent weeks and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 52706.65, 55157.38, and 55526.67 areas. 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 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 48392.01 and the 50-bar MA (Hourly) at 47651.56.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 52706.65/ 55157.38/ 55526.67 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 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.