Bitcoin (BTC/USD) remained firmly on the defensive early in the Asian session as the pair continued to suffer from extremely bearish technical sentiment that recently saw it print at its weakest level since December 2020. The pair’s recent acute descent was temporarily slowed around the 20895.70 area, a downside price objective related to selling pressure that strengthened around the 47200 level. BTC/USD has now depreciated 33.7% from the beginning of the month through its month-to-date technical trough, and the pair has now slumped more than 55.4% year-to-date and more than 68% from its all-time high.
Additional downside price objectives include the 20495, 20195, 19943, 19906, 17787, and 16990 levels. Technical resistance levels and areas of potential selling pressure include the 23349, 24916, 26182, 27449, 29016, and 29252 areas. Stronger technical resistance is evident around the 27288 area, with Stops likely in place above this area. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 28903.22 and the 50-bar MA (Hourly) at 25617.98.
Technical Support is expected around 20495.33/ 19943.86/ 17787.51 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 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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