Published
1 year ago on
July 10, 2022
Bitcoin (BTC/USD) ceded some recent gains early in the Asian session as the pair remained pressured below the 22000 figure after peaking around the 21959.30 area, representing a test of the 61.8% retracement of the depreciating range from 22490.54 to 21172. Traders knocked BTC/USD lower to test the 21095.93 area, representing a test of the 76.4% retracement of the depreciating range from 21866 to 18603, and also representing a test of the 100-hour simple moving average. Upside retracement levels and areas of potential selling pressure in these depreciating ranges include the 22940, 24209, 25778, 26014, 26208, 28429, and 28557 areas.
Technical support and areas of potential buying power are around the 21005, 20546, 20088, 19520, and 19434 areas. Downside risks persist with one price objective being the 16990.14 area that is related to historical selling pressure around the 48240 level. Traders are also eyeing the 14500.15 area as potential technical support, a level that represents the 50% retracement of a historic upside range from 3858 to 31717.02. 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 22261.05 and the 100-bar MA (Hourly) at 21096.41.
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.
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