Bitcoin (BTC/USD) looked to regain its recent upside bias early in the Asian session as the pair drifted higher after trading as low as the 23429.71 level during a pullback, representing a test of a legacy price objective around the 23491.23 area that is related to historic buying pressure around the 3858 and 9357.36 areas. Traders lifted BTC/USD to the 24666 area after Stops were elected above the 24569.43 area, a level that represents an upside price objective related to buying activity that strengthened around the 16892 area. BTC/USD is poised to notch a gain of approximately 17.3% in July following major losses in June, and the pair is approximately 64.9% weaker on a year-to-date basis. The move higher to the 24666 area was also a test of the 24558.33 level, representing the 50% retracement of the depreciating range from 31549.21 to 17567.45. Additional upside retracement levels in this depreciating range include the 26208, 28249, and 28557 areas.
Additional upside price objectives and areas of potential selling pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Below recent price activity, possible technical support and areas of buying pressure include the 23568, 23023, 22582, 22141, 21596, 20446, 19852, and 19762 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. 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 50-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 22714.51 and the 50-bar MA (Hourly) at 23918.46.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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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