Bitcoin (BTC/USD) extended recent gains early in the Asian session as the pair appreciated to the 48072.81 level after trading as low as the 46705 area during the European session, with the interday low representing a test of recent technical support that emerged following a depreciation from the 48718 area. Stops were elected above the 46694 and 47887 levels during the extension of recent gains, areas that represent the 38.2% and 50% retracement levels of the recent depreciating range from 52944.36 to 42830.77. Additional upside retracement levels and areas of potential technical resistance include 49081, 50558, and 50780.
Following the ongoing recent gains, downside retracement areas include the 46920, 46138, 45506, 44875, 44093, and 43976 levels. Additional downside price objectives and areas of potential technical support include the 40360 and 32576 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 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 46643.71 and the 200-bar MA (Hourly) at 46751.14.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 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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