Bitcoin (BTC/USD) remained on the defensive early in today’s Asian session as the pair was pressured below the 47671.63 level, representing the 23.6% retracement of the recent appreciating range from 45469.32 to 48351.92, weakening to the 45600 area. Stops were elected below the 46294.46 level, an area that represents the 23.6% retracement of the broader depreciating range from 59118.84 to 42333, with more Stops triggered below the 46086 level. BTC/USD bulls are waiting to see if BTC/USD can sustain a break above the 51503.64 area, representing the 38.2% retracement of a broader depreciating range from 66339 to 42333. BTC/USD recently peaked around the 49500 level after recovering from a descent to the 45727.92 area last 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 47823.59 and the 50-bar MA (Hourly) at 46947.04.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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