Bitcoin (BTC/USD) continued to suffer from bearish technical sentiment early in the Asian session as the pair remained pressured below the 41000 figure after cratering to the 40099.99 area, its weakest print since early February. Stops were elected below the 43206.87 and 42581.26 areas during the sharp depreciation, representing the 38.2% and 23.6% retracements of the recent depreciating range from 45855 to 41570. Stronger Stops were elected below the 42805.49 and 40918.92 areas, representing the 23.6% and 38.2% retracements of the recent appreciating range from 32933.33 to 45855. Additional Stops were triggered below the 42191 and 41059 levels, representing the 38.2% and 50% retracements of the recent appreciating range from 36264.36 to 45855, and the low around the 40099 area represented a test of the 61.8% retracement of this appreciating range.
If BTC/USD extends its recent selling pressure, additional downside price objectives include the 39927, 39394, 38527, 38316, 37869, 35982, and 35698 areas. Following the recent acute selling pressure, areas of technical resistance and potential selling pressure include the 41458, 42298, 42977, 43656, 44496, and 44623 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 200-bar MA (4-hourly) at 40275.02 and the 50-bar MA (Hourly) at 42918.10.
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 Bearishly below 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.
Credit: Source link
