Bitcoin (BTC/USD) continued to trade sideways early in the Asian session as the pair appreciated to the 47174.62 area during yesterday’s North American session before receding to the 45540 level, with the interday high representing a test of the 23.6% retracement of the appreciating range from 41509 to 48912. Chartists observe a series of lower highs over the past several trading sessions, a bearish development that could lead to additional depreciation in the near future. BTC/USD recently peaked around the 48176.52 area, a fresh multi-month high.
Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include 45418.91, 44767.43, and 44669.26. If BTC/USD extends its recent upward trajectory, upside retracement levels and areas of potential technical resistance include the 48287.98, 52608.44, and 53259.47 areas. 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 46154.28 and the 200-bar MA (Hourly) at 46161.14.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 48287.98/ 51569.56/ 64899 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 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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