Bitcoin (BTC/USD) attempted to sustain a small bounce higher early in the Asian session as the pair briefly traded above the 39556.58 level before plumbing lower to the 37161.88 area, with the new multi-week low representing a test of the 76.4% retracement of the appreciating range from 34322 to 45426.45. Stops were elected below the 36789 level, an area that represents the 61.8% retracement of the appreciating range from 32933.33 to 45855. If BTC/USD extends its recent downward push, additional downside retracement levels in this appreciating range include the 35982 and 35698 levels. Traders continue to monitor a longer-term depreciating range from 69000 to 32933.33, and are observing that BTC/USD continues to trade below the 41445.06 area, representing the 23.6% retracement of this range.
Traders recently drove BTC/USD low enough to absorb two downside price objectives around the 40670 and 39211 levels that are related to selling pressure around the 45426 and 44046 areas. Following the recent move higher, areas of potential technical support and buying pressure include the 37043, 36942, 36789, 36698, 36662, 36444, and 35698 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 levels. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 39613.10 and the 50-bar MA (Hourly) at 38562.07.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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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