Bitcoin (BTC/USD) worked to sustain recent gains early in the Asian session as the pair moved higher to the 57578.26 level after trading as low as the 56730 area during the European session, with the interday low representing a test of the 200-hour simple moving average. Traders lifted BTC/USD as high as the 58280.36 level during yesterday’s Asian session, a test of the 23.6% retracement of the depreciating range from 69000 to 55377. Buying pressure emerged around the 53327 level early this week, the pair’s weakest print in several weeks, and prevented BTC/USD from testing the 53150 area, representing the 50% retracement of the appreciating range from 37300 to 69000.
Additional downside retracement levels include the 49150.78, 44466.36, 38670.39, and 37797.03 areas. Following the pair’s recent volatility, downside retracement levels and areas of potential technical support include the 53150, 52598, 49409, and 49150 levels. 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 200-bar MA (hourly) and below the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 56636.26 and the 200-bar MA (Hourly) at 56657.28.
Technical Support is expected around 53150/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 69000/ 69449.40/ 77565.60 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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