Bitcoin (BTC/USD) worked to add to its nascent recovery early in today’s Asian session as the pair was lifted to the 37726.70 area after recently trading as low as the 32933.33 level, representing a test of the 32894.39 area that represents a downside price objective related to selling pressure that emerged around the 52100 level. Traders earlier lifted BTC/USD as high as the 37574.63 area, representing a test of the 23.6% retracement of the recent depreciating range from 52100 to 32933.33. Another downside price objective related to selling pressure around the 52100 and 47076.55 levels is the 28625.93 area. Stops are likely in place below the 31639.47 area, a downside price objective related to selling pressure that intensified around the 57670.68 area.
Additional downside price objectives include the 29514, 27721, 25839, and 25217 levels. If BTC/USD recovers from its recent selling pressure, upside price resistance and areas of potential selling pressure include the 35429, 36974, 37456, 38222, 39144, 39470, and 40255 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 38754.92 and the 50-bar MA (Hourly) at 35800.41.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 41583.39/ 42544.70/ 44655.08 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 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.