Bitcoin (BTC/USD) looked for fresh sentiment early in the Asian session as the pair remained pressured after trading as high as the 32825 level earlier this week, representing a test of the 50% retracement of the long-term historical range from 3858 to 61788.45. Even though BTC/USD has traded above this very significant technical level for quite some time, the recent appreciation from the 29301.56 area initially paused right around this important retracement level. Likewise, the recent trading low of 29301.56 represented a test of the 38.2% retracement of the long-term historical appreciation from 8106.70 to 42400.34.
If BTC/USD extends its recent weakness, downside areas of technical significance include the 29119.95, 28928.79, 28743.48, 28305.60, 28258.75, 28000, 27028.64, 26260.87, 25833.73, 25468.32, and 25247.15 levels. If BTC/USD is able to find a bid, upside areas of technical significance include 33583.61, 35061.28, 36538.94, 39367.23, and 38642.72. Also, the 38236.16 area represents the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000. 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 100-bar MA (4-hourly) at 32510.90 and the 200-bar MA (Hourly) at 31495.24.
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 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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