Bitcoin (BTC/USD) was pressured lower early in the Asian session as the pair depreciated to the 47143.02 level after trading as high as the 48176.64 level during the European session, with the interday high representing a test of the 78.6% retracement of the recent depreciating range from 48499.99 to 47020.82. Additional selling pressure later emerged around the 47768 and 47574 levels during the descent, right around the 50% and 38.2% retracement levels of the depreciating range. BTC/USD recently failed to test the 49081 area, representing the 61.8% retracement of the broader depreciating range from 52944.96 to 42830.88.
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 200-bar MA (4-hourly) at 47742.03 and the 50-bar MA (Hourly) at 47859.52.
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 Bearishly below SlowD while MACD is Bearishly below 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.
Credit: Source link
