Bitcoin (BTC/USD) sought to add to recent gains early in the Asian session as the pair gained additional ground above the 47760.26 level after buying pressure emerged around the 46704.79 level during the European session, an area that represented a test of the 61.8% retracement of the appreciating range from 43016 to 52666. Stops were elected above the 47606 area during the climb to multi-day highs, a level that represents the 50% retracement of the recent depreciating range from 48912 to 46300. Stops were recently elected below the 45945.44, 45418.91, 44767.43, and 44669.26 areas during the pullback, representing the 50%, 61.8%, 76.4%, and 78.6% retracements of the appreciating range from 43714.36 to 48176.52.
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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 46080.28 and the 200-bar MA (Hourly) at 46080.23.
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 Bullishly above SlowD while MACD is Bullishly above 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
