Bitcoin (BTC/USD) struggled to retain recent upside progress as the pair traded above the 47000 figure after trading as low as the 45515.72 level during yesterday’s Asian session, below the 46023.88 area that represents the 61.8% retracement of the appreciating range from 42333 to 51995. Traders lifted BTC/USD as high as the 47368.73 level during the European session, a test of the 47464.36 area that represents the 50% retracement of the depreciating range from 49459.39 to 45462.39. BTC/USD recently 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 49527.39 and the 50-bar MA (Hourly) at 47048.83.
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 Bullishly above SlowD while MACD is Bearishly below 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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