Bitcoin (BTC/USD) backed away from some recent gains early in the Asian session as the pair continued to be offered below the 35679.05 level, a downside price objective related to selling pressure that emerged around the 59592.20 level. Traders lifted BTC/USD to the 34670 area after Stops were elected above the 34484.12 area, representing the 61.8% retracement of the recent depreciating range from 35951 to 32111. Buying pressure recently emerged around the 33027.83 area, representing a test of the 23.6% retracement of the same depreciating range. Traders observe BTC/USD continues to be offered below the 38236.16 area, a level that represents the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000.
Also, the 36983.76 level represents the 23.6% retracement of the depreciating range from 59592.20 to 30000, and traders are closely watching to see if this level can be absorbed during moves higher. Stops were recently elected below a series of downside price objectives, including the 31676.16, 30950.63, and 30029.66 areas. Traders anticipate large Stops below the 28747.28 level, and their election could open a test of major technical support around the 27706, 27317, 27175, 26593, and 26235 areas. 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 33909.47 and the 100-bar MA (Hourly) at 33520.63.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above 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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