Bitcoin (BTC/USD) retained a short-term bullish bias early in the Asian session as the pair continued to be buoyed by an improvement in technical sentiment following a climb through some key technical levels below the psychologically-important 40000 figure. Stops were recently elected above a series of upside price retracement levels including the 34795, 36209.92, 37960.36, and 38224.14 levels before BTC/USD experienced some consolidation after testing the 39770 area. Above recent trading ranges, some additional upside retracement levels include 39882, 40052, 40247, 40790, 41064, 41132, and 41509.
Traders observed how BTC/USD powered through the 38236.16 area, representing the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000. Following the recent ascent to multi-week highs, downside price retracement levels include 39770, 37300.26, 35772.37, 34537.50, 33302.63, and 31774.74. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 33239.59 and the 50-bar MA (Hourly) at 34780.67.
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 Bullishly above 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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