Bitcoin (BTC/USD) extended recent trading weakness early in today’s Asian session as the pair continued to be offered below the 38236.16 area, a level that represents the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000. The 36983.76 level represents the 23.6% retracement of the depreciating range from 59592.20 to 30000, and traders are closely watching to see if this level can be absorbed during moves higher. Traders have recently encountered technical resistance around the 36538.94 level, representing the 61.8% retracement of the depreciating range from 41322.55 to 28800. Additional area of potential technical resistance in this depreciating range include 38367.23 and 38642.72.
If BTC/USD is able to resume its upward trajectory, traders will increasingly focus on areas that recently represented downside price objectives, including the 39444, 40847, 41322, and 44810 levels. Prior to the recent recovery, Stops were recently elected below a series of downside price objectives, including the 31676.16, 30950.63, and 30029.66 areas. Additional downside price objectives include 26980.02, 23052.90, and 22103.23 areas. Traders anticipate large Stops below the 28747.28 level, and their election could open a test of major technical support around the 27706, 27317, 27175, 26593, and 26235 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 33832.42 and the 50-bar MA (Hourly) at 34171.72.
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 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.
Credit: Source link