Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair continued to orbit the 20733.12 level, representing the 23.6% retracement of the appreciating range from 17567.45 to 21711. Recent selling pressure emerged around the 21414.57 area, representing a test of the 38.2% retracement of the depreciating range from 21866 to 21121. Additional selling pressure intensified around the 21298.53 area, representing a test of the 23.6% retracement of this depreciating range, and also represented a test of the 50-hour simple moving average. The recent move lower to the 19751 area represented a test of the 38.2% retracement of the depreciating range from 22974.10 to 17567.45. Stops were also recently elected below the 20195.33 area during the recent depreciation, a downside price objective related to selling pressure that intensified around the 52100 area.
If BTC/USD extends its ongoing pullback, additional downside price objectives include the 16990, 15502, and 14500 areas. BTC/USD has now depreciated more than 34% from the beginning of the month through its month-to-date technical trough, and the pair has now slumped more than 55% year-to-date and more than 66% from its all-time high. Technical resistance levels and areas of potential selling pressure include the 22908, 24558, 26208, 28249, and 28557 areas. Stronger technical resistance is evident around the 27288 area, with Stops likely in place above this area. 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 above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 21594.26 and the 200-bar MA (Hourly) at 20847.56.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 24365.11/ 27455.20/ 32383.96 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 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.