Bitcoin (BTC/USD) remained volatile early in the Asian session as the pair tried to sustain gains above the 20000 figure after recently trading as low as the 18603 level, stopping short of testing the 17787.51 area that represents the 50% retracement of the appreciating range from 3858 to 31717.02. Traders then quickly lifted BTC/USD to the 20879.99 area before profit-taking saw the pair moderate. BTC/USD continues to orbit the 20195.33 area, a previous downside price objective related to selling pressure that originated at the all-time high of 69000, and later intensified around the 52100 level. If BTC/USD extends its recent downside momentum, important technical levels and price objectives include the 18545, 18453, 16990, 15502, and 14500 areas.
BTC/USD’s valuation tumbled 37.1% in June and is down approximately 80% year-to-date and off approximately 110% from its all-time high of 69000. Technical resistance levels and areas of potential selling pressure include the 22908, 24558, 26208, 28249, and 28557 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 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 20604.18 and the 100-bar MA (Hourly) at 20303.99.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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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