BTC/USD Seeks to Sustain Break Above 40000: Sally Ho's Technical Analysis 10 March 2022 BTC

Bitcoin (BTC/USD) looked to sustain a short-term move higher early in the Asian session as the pair traded back above the psychologically-important 40000 figure and tested the 200-hour simple moving average around the 40856 level.   Stops were elected above the 39535, 39810, 40095, 40318, 40629, 40789, and 40893 levels during the advance higher, retracement levels related to selling pressure that recently intensified around the 45426, 44096, and 41908 levels.  Traders continue to monitor a longer-term depreciating range from 69000 to 32933.33, and observe that BTC/USD has recently traded below the 41445.06 area, representing the 23.6% retracement of this range.

Traders recently drove BTC/USD low enough to absorb two downside price objectives around the 40670 and 39211 levels that are related to selling pressure around the 45426 and 44046 areas.  Following the recent move higher, areas of potential technical support and buying pressure include the 37043, 36942, 36789, 36698, 36662, 36444, and 35698 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 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 below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 40931.62 and the 200-bar MA (Hourly) at 40858.66.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above 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.