Bitcoin (BTC/USD) moderated early in the Asian session as the pair depreciated to the 48280.36 level after trading as high as the 48825.62 level during the European session, with the interday high stopping short of testing the 61.8% retracement of the depreciating range from 52944.96 to 42830.77. Buying pressure emerged at the 48287 area during a pullback in the North American session, right around the 38.2% retracement of the recent appreciating range from 47050 to 48825.62. Additional downside retracement levels in this range include 47937, 47728, 47469, and 47429.
Additional upside retracement levels and areas of potential technical resistance include 49081, 50558, and 50780. Following the ongoing recent gains, downside retracement areas include the 46920, 46138, 45506, 44875, 44093, and 43976 levels. Additional downside price objectives and areas of potential technical support include the 40360 and 32576 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 100-bar MA (4-hourly) at 47816.44 and the 50-bar MA (Hourly) at 47829.73.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below 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.
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