Bitcoin (BTC/USD) retained a mixed market bias early in the Asian session as traders awaited fresh market sentiment following recent gyrations around the psychologically-important 40000 figure. The pair peaked around the 42605.64 level in late July, its strongest print in several weeks and one that secured an 18%+ gain in July, and a 43% climb year-to-date. Following this print, technical trading became evident and knocked BTC/USD lower back below the 40000 figure. Traders pushed BTC/USD lower to the 37509 level in early August, a move that represented a test of a downside price objective around the 37518.54 level.
Selling pressure emerged around the 41517 and 40459.68 levels in early August, and various downside technical price objectives have emerged as a result of this selling pressure. These levels include 38775, 38719.10, 37519.72, 37518.54, 36408.43, 34944.36, and 32577.79. Following the recent ascent to multi-week highs, downside price retracement levels include 37523.48, 35953.60, 34873.72, 32441.32, and 32148.63. 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 200-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 39901.85 and the 200-bar MA (Hourly) at 39837.19.
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 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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