Published
2 years ago on
March 03, 2022
Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair remained given below the 44000 figure and traded as low as the 42937.73 level, a move that represented a test of the 23.6% retracement of the recent appreciating range from 34322 to 45426.45. Additional retracement levels in this depreciating range include the 41184, 39874, 38563, 36942, and 36698 levels. BTC/USD has steadily drifted lower after recently trading as high as the 44993.12 level, its strongest print since depreciating from the 45855 area in February. Stops were elected above the 40782, 42308, and 42538 areas during the recent rapid climb, representing the 61.8%, 76.4%, and 78.6% retracements of the recent depreciating range from 44775.96 to 34322.
Stronger Stops were elected above the 41445.06 area, representing the 23.6% retracement of the broader depreciating range from 69000 to 32933.33, and additional retracement levels in this range include the 46710 and 50966 areas. Following the recent move higher, areas of potential technical support and buying pressure include the 41899, 40451, 39281, 38110, 36662, and 36444 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 40653.10 and the 50-bar MA (Hourly) at 43896.70.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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.
Investment Disclaimer
