Bitcoin (BTC/USD) worked to add to gains above the 21000 figure early in the Asian session as the pair elected Stops above the 21167.72 area, representing the 78.6% retracement of the depreciating range from 21866 to 18603. Traders continue to evaluate price activity around the 21074.87 area, a previous upside price objective related to buying pressure that commenced around the 3858 and 9819.83 levels. The technical significance of these upside levels was confirmed when BTC/USD tested the 17787.51 area in mid-June, and additional related price objectives include the 25142.29 and 31717.02 areas. If BTC/USD is able to extend some recent positive momentum, upside retracement levels and areas of potential selling pressure in recent depreciating ranges include the 22940, 24209, 25778, 26014, 26208, 28429, and 28557 areas.
Downside risks persist with one price objective being the 16990.14 area that is related to historical selling pressure around the 48240 level. Traders are also eyeing the 14500.15 area as potential technical support, a level that represents the 50% retracement of a historic upside range from 3858 to 31717.02, with another bearish price objective around the 10432.73 area. 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 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 20579.54 and the 50-bar MA (Hourly) at 20877.29.
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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