Bitcoin (BTC/USD) worked to sustain recent gains early in the Asian session as the pair traded back above the 200-hour simple moving average following a surge in demand that emerged around the 46530 level earlier this week. The pair was lifted as high as the 49500 level during the sharp move, absorbing Stops above the 48879.85 level that represents the 61.8% retracement of the depreciating range from 50828.13 to 45727.92. Additional upside price retracement levels in this depreciating range include the 49624.48 and 49736.69 areas. Following the recent recovery from the 45727.92 level, upside demand has kept BTC/USD bid above the 48059.08 level, representing the 38.2% retracement of the appreciating range from 45727.92 to 49500.
Selling pressure commenced around the 59114.84 level in recent weeks and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 52706.65, 55157.38, and 55526.67 areas. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 48607.57 and the 200-bar MA (Hourly) at 48596.05.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 52706.65/ 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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