Bitcoin (BTC/USD) continued to suffer from acute negative technical sentiment early in the Asian session as the pair continued to trade below the 21000 figure after recently trading as low as the 18710 level, its weakest print since December 2020. Stops were recently elected below the 20195.33 area during the depreciation, a downside price objective related to selling pressure that intensified around the 52100 area. If BTC/USD extends its ongoing pullback, additional downside price objectives include the 17787, 16990, 15502, and 14500 areas.
BTC/USD has now depreciated more than 34% from the beginning of the month through its month-to-date technical trough, and the pair has now slumped more than 56% year-to-date and more than 68% from its all-time high. Technical resistance levels and areas of potential selling pressure include the 22779, 24455, 25810, 27164, 28840, and 29092 areas. Stronger technical resistance is evident around the 27288 area, with Stops likely in place above this area. 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 24438.17 and the 50-bar MA (Hourly) at 20992.38.
Technical Support is expected around 18781.00/ 17787.51/ 16990.14 with Stops expected below.
Technical Resistance is expected around 24365.11/ 27455.20/ 32383.96 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 Bullishly above 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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