Bitcoin (BTC/USD) remained on the defensive early in the Asian session after recently peaking around the 45855 level, its strongest print since early January, as traders knocked the pair as low as the 41765 area. Selling pressure emerged around the 43962.13 area, representing the 38.2% retracement of the depreciating range from 45855 to 42617.70. Stops were elected below the 42805 area during the pullback, a level that represents the 23.6% retracement of the recent appreciating range from 32933.33 to 45855. Additional downside retracement levels in this appreciating range include the 40918, 39394, 37869, 35982, and 35698 area.
The recent print around the 45855 level represented a test of the 46091 area, a retracement level related to the broad depreciating range from 59249.77 to 39233.33. If BTC/USD extends its recent upside progress, additional areas of potential selling pressure and technical resistance include the 47576, 47998, 49196, 53039, and 53618 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above 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 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 43709.02 and the 200-bar MA (Hourly) at 42623.97.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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 Bullishly above SlowD while MACD is Bullishly above 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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