Bitcoin (BTC/USD) searched for market bias early in the Asian session as traders continued to seek fresh technical sentiment following recent trading activity around the 45000 level. Traders recently lifted BTC/USD from the 43899.75 level, an area that represented a test of the 78.6% retracement of the appreciating range from 42505.02 to 48912. Stops were recently elected below the 44888.08 area, a previous technical support level, and also below the 44336.95 level, representing the 61.8% retracement of the appreciating range from 41509 to 48912. The recent move to multi-month highs accelerated after Stops were elected above the 44796.10 area, a level that represents the 50% retracement of the depreciating range from 59592.20 to 30000.
The next upside retracement levels in this depreciating range include 48287.98, 52608.44, and 53259.47. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include 42608.06, 40065.19, 38010, 35954.81, 33411.94, and 33028.77. 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 43456.71 and the 200-bar MA (Hourly) at 43355.62.
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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