Bitcoin (BTC/USD) struggled to regain upward momentum early in the Asian session as the pair remained pressured below the 43000 figure and traded as low as the 41570 level, representing a test of a downside price objective related to selling pressure that strengthened around the 57670.68 area in early December. After BTC/USD reclaims the 42581 area that represents the 23.6% retracement of the depreciating range from 45855 to 41570, traders will focus on additional upside retracement levels including the 43206, 43712, 44218, 44843, and 44938 areas. Another range that traders are monitoring is the appreciation from 32933.33 to 45855, and downside retracement levels include the 40918, 39394, 37869, 35982, and 35698 areas.
The recent print around the 45855 level represented a test of the 46091 area, a retracement level related to the broad depreciating range from 59249.77 to 39233.33. If BTC/USD extends its recent upside progress, additional areas of potential selling pressure and technical resistance include the 47576, 47998, 49196, 53039, and 53618 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 above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 43087.12 and the 50-bar MA (Hourly) at 42288.20.
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.
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