Bitcoin (BTC/USD) retained a positive technical bias early in the Asian session as the pair sought to add to recent upside progress following recent gyrations around the psychologically-important 40000 figure. Heading into the end of July, recent buying pressure has seen the pair test and escalate above the 40638.92 level, an area that represents the 78.6% retracement of the appreciating range from 37371.35 to 52640.35. Stops were recently elected above a series of upside price retracement levels including the 34795, 36209.92, 37960.36, and 38224.14 levels Above recent trading ranges, some additional upside retracement levels include 40247, 40790, 41064, 41132, and 41509.
Traders observed how BTC/USD powered through the 38236.16 area, representing the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000. Following the recent ascent to multi-week highs, downside price retracement levels include 39770, 37300.26, 35772.37, 34537.50, 33302.63, and 31774.74. 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 200-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 34495.44 and the 50-bar MA (Hourly) at 38542.73.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 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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