Bitcoin (BTC/USD) sought to add to recent upside progress early in the Asian session as the pair searched for additional momentum to gain traction above the recent high of 42597.84, a level that represented a test of the 78.6% retracement of the recent depreciating range from 44096.45 to 37161.88. Stops were elected above the 200-hour simple moving average around the 40858 area during the ascent. Stops were also elected above the 39535, 39810, 40095, 40318, 40629, 40789, and 40893 levels during the advance higher, retracement levels related to selling pressure that recently intensified around the 45426, 44096, and 41908 levels. Traders are looking to see if BTC/USD can form a foundation above the 41445.06 area, representing the 23.6% retracement of the longer-term depreciating range from 69000 to 32933.33.
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 bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 41048.86 and the 200-bar MA (Hourly) at 40705.26.
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 Bullishly above 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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