Bitcoin (BTC/USD) attempted to extend its recent comeback early in today’s Asian session as the pair tried to sustain gains that has seen it reclaim more than half of its recent depreciation. The pair found a decent bid after recently trading as low as the 30173.49 area, representing a test of the 78.6% retracement of the appreciating range from 28800 to 35500. Strong selling pressure was recently evident around the 35679.05 level, adding to the ongoing depreciation and bearish outlook. Stops were recently elected below a series of downside price objectives, including the 31676.16, 30950.63, and 30029.66 areas. Additional downside price objectives include 26980.02, 23052.90, and 22103.23 areas.
Traders anticipate large Stops below the 28747.28 level, and their election could open a test of major technical support around the 27706, 27317, 27175, 26593, and 26235 areas. Market sentiment remains bearish, and this current dynamic also has technicians focusing on the 25136 and 24200 areas. Traders are paying attention to areas of potential technical resistance during rebounds higher including the 35679, 36424, and 37006 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 bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 35800.17 and the 50-bar MA (Hourly) at 34494.09.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 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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