Bitcoin (BTC/USD) backed away from recent upside progress early in the Asian session as the pair retreated following a short burst of buying activity up to the 62974 area, around a previous upside price objective related to buying pressure that emerged around the 58943 area. Stops were reached above the 62427.02 area during the ascent, representing the 78.6% retracement of the recent depreciating range from 63726.58 to 57653.88. Additional upside retracement levels include the 63599, 64898, and 65094 areas.
BTC/USD recently tested the 58265 level multiple times, representing a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 61358.75 and the 200-bar MA (Hourly) at 61222.43.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 67146.16/ 68515.32/ 69449.40 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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