Bitcoin (BTC/USD) worked to retain recent gains early in the Asian session as the pair orbited the 44336.98 level, representing the 23.6% retracement of the appreciating range from 41766.79 to 45130.91. After the pair recently peaked around the 45130 area, technical bids emerged around the 41766.79 area, representing the 23.6% retracement of the broader appreciating range from 40509 to 45130.91. Stops were recently elected above the 43863.32 level during the climb to multi-week highs, an area that represents the 50% retracement of the depreciating range from 52100 to 35626.64. Stops were also recently elected above the 42769.80, 43006.76, and 43042.47 levels during the ascent, representing the 61.8%, 76.4%, and 78.6% retracements of the recent depreciating range from 43389.79 to 41766.79.
Traders are paying close attention to the 46710.80 level as an upside target, an area that represents the 38.2% retracement of the depreciating range from 69000 to 32933.33. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42444.43 and the 50-bar MA (Hourly) at 44135.68.
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 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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