Bitcoin (BTC/USD) worked to extend its recent gains early in the Asian session as the pair traded above the 22000 figure for the first time since mid-July, reaching the 22490.54 area. Decent upside pressure has emerged since BTC/USD tested bids around the 18755.75 area days ago, and Stops were elected above the 21672.83 area during the climb, representing the 38.2% retracement of the depreciating range from 28314.52 to 17567.45. Additional upside retracement levels and areas of potential selling pressure in the same depreciating range include the 22940, 24209, 25778, and 26014 areas. BTC/USD bears continue to eye some important downside price objectives including the 16990.14 area that is related to historical selling pressure around the 48240 level.
Traders are also eyeing the 14500.15 area as potential technical support, a level that represents the 50% retracement of a historic upside range from 3858 to 31717.02. Additional technical resistance levels and areas of potential selling pressure include the 22908, 24558, 26208, 28249, and 28557 areas. Stronger technical resistance is evident around the 27288 area, with Stops likely in place above this area. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 22791.20 and the 50-bar MA (Hourly) at 20591.75.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 24365.11/ 27455.20/ 32383.96 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 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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