Bitcoin (BTC/USD) gave back some recent gains early in today’s Asian session as the pair depreciated to the 42892 level after trading as high as the 44453.22 area, with the interday high representing a test of the 38.2% retracement of the depreciating range from 52100 to 39650. Stops were elected below the 43319.66 level during the pullback, an area that represents the 23.6% retracement of the appreciating range from 39650 to 44453.22. Additional retracement levels in this recent appreciating range include the 42618, 42051, 41484, 40703, and 40677 areas. Following BTC/USD’s peak around the 52100 level in late December, a series of lower highs and lower lows has led to a significant reduction in risk tolerance.
Stops were also recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels. If BTC/USD extends its recent depreciation, additional downside price objectives include the 39514, 38832, 38602, 37782, 37593, 37426, 37119, and 35626 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 100-bar MA (4-hourly) at 44915.89 and the 50-bar MA (Hourly) at 43281.45.
Technical Support is expected around 39514.35/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.
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