Bitcoin (BTC/USD) sought to recover some lost ground early in the Asian session as the pair gained ground following a sharp decline to the 46734.49 level during the European session after Stops were elected below the 46931.57 level, representing the 23.6% retracement of the depreciating range from 50828.13 to 45727.92. Stops were also elected below the 47613.96 and 47168.85 levels during the descent, areas that represent the 50% and 61.8% retracements of the appreciating range from 45727.92 to 49500. BTC/USD peaked around the 49500 level after recovering from a descent to the 45727.92 area earlier this week.
Selling pressure commenced around the 59114.84 level in recent weeks and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 52706.65, 55157.38, and 55526.67 areas. 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 48342.19 and the 100-bar MA (Hourly) at 47856.37.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 52706.65/ 55157.38/ 55526.67 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below 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.
Credit: Source link
