Bitcoin (BTC/USD) sought to add to its recent minor gains early in the Asian session as the pair was lifted to the 39906.39 area before coming off to the 38759 level, with that low during the pullback right around the 50% retracement of the recent appreciating range from 37560.40 to 39906.39. Traders stopped short of testing the psychologically-important 40000 figure and the 40079 area, representing the 50% retracement of the recent depreciating range from 42597.84 to 37560.40. The 39548.98 level represents the 50% retracement of the broader depreciating range from 44775.96 to 34322, and traders are looking to determine if BTC/USD can remain bid above this level. Additional upside retracement levels in this depreciating range include the 40673, 41409, and 41519 areas.
Following the recent move higher, areas of potential technical support and buying pressure include the 37043, 36942, 36789, 36698, 36662, 36444, and 35698 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 39215.64 and the 100-bar MA (Hourly) at 38924.16.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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 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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