Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair continues to establish a series of lower highs following its recent fresh all-time high around the 66950 level, and has recently traded back below the psychologically-important 60000 figure. Despite securing October monthly gains exceeding 40% and lifting its year-to-date gains above 110%, BTC/USD has encountered technical resistance around the 62293.42 and 61406.81 levels, representing the 76.4% and 61.8% retracements of the recent depreciating range from 63726.58 to 57653.88. If BTC/USD finds another bid, 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 61165.03 and the 100-bar MA (Hourly) at 61177.97.
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 Bullishly above SlowD while MACD is Bearishly below 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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