Bitcoin (BTC/USD) awaited fresh technical sentiment early in the Asian session as the pair looks to see if it can make a decisive break from its recent orbit around the 40000 figure. Recent selling pressure below some technically significant retracement levels have challenged BTC/USD, resulting in a recent 18% pullback. Recent relative highs around the 48240 level gave way to stronger selling pressure around the 47469, 44000, 43443, and 41570 areas, downward pressure that saw the pair cede about half of the multi-week gains it tallied since trading as low as the 32933.33 area in late January. Recent relative lows have been just below the 39363 area, a level that represents a downside price objective relate to selling pressure around the 47469.40 areas. Additional downside price objectives include the 39068, 38832, 38602, 38333, 38062, 37958, 37450, 37151, 37032, 36940, 36302, and 35995 levels.
Recent price activity has seen BTC/USD test the 38780.48 area, a level that represents the 61.8% retracement of the appreciating range from 32933.33 to 48240. This relative low was also just below the 39600 area, an upside price objective related to historical buying pressure that emerged around the 29301.56 area. 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 above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 41369.40 and the 50-bar MA (Hourly) at 40426.53.
Technical Support is expected around 38670.39/ 37797.03/ 34190.77 with Stops expected below.
Technical Resistance is expected around 48574.70/ 50966.67/ 51595.38 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 Bearishly below SlowD while MACD is Bullishly above 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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