Bitcoin (BTC/USD) extended its sideways trading activity early in the Asian session as the pair continued to orbit the 31755.32 level, an area that represents the 23.6% retracement of the depreciating range from 41322.95 to 28800. Some buying activity emerged just below the 31289.44 area, representing the 78.6% retracement of the appreciating range from 31025.42 to 32259.16. Traders observe BTC/USD traded as high as the 31949.99 area during the European session, representing a test of the 23.6% retracement of the same appreciating range. A recent low around the 31025.42 area represented a test of the 78.6% retracement of a broader appreciating range from 21913.84 to 64899.
Traders recently 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. 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 32800.37 and the 50-bar MA (Hourly) at 31654.71.
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 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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