Bitcoin (BTC/USD) extended sideways trading activity early in the Asian session as the pair continued to trade in a tight range around the 53835.20 area, representing the 38.2% retracement of the appreciating range from 29301.56 to 69000. Previous technical support around the 55377 area has become short-term technical resistance, a bearish indication that could lead to additional near-term weakness. Additional downside retracement levels include the 49150.78, 44466.36, 38670.39, and 37797.03 areas. Stops are likely in place below the 53150 area, representing the 50% retracement of the appreciating range from 37300 to 69000.
Following the pair’s recent volatility, downside retracement levels and areas of potential technical support include the 53150, 52598, 49409, and 49150 levels. 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 bearishly indicating below the 200-bar MA (hourly) and below the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 56804.57 and the 50-bar MA (Hourly) at 54499.28.
Technical Support is expected around 53150/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 69000/ 69449.40/ 77565.60 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 Bearishly below 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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