Bitcoin (BTC/USD) extended its upward climb early in today’s Asian session as the pair appreciated to the 54394 level after trading as low as the 52131.16 level during the European session, with the interday low right around the 61.8.6% retracement of the depreciating range from 55469.98 to 47464.65. Chartists are carefully monitoring price activity to see if BTC/USD can gain momentum above the 200-hour simple moving average. The pair recently traded as low as the 47044.01 level, representing a test of the 50% retracement of the historic appreciation from 32200 to 61788.45 and the pair’s weakest prints since early March. Several Stops were elected during the recent sharp move lower including below the 59734.61, 56539.69, and 53957.50 areas. The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area.
Significant Stops were also recently elected above multiple upside price objectives during the sharp climb including the 61065.64, 61463.38, 61732.54, and 62026.52 areas, levels related to buying pressure that originated around the 9819.83, 17580, and 16200 areas. Additional upside price objectives include the 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 16200, 17580, and 9819.83 levels. Potential technical support areas during pullbacks include the 48180.39 and 47698.96 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 53106.22 and the 200-bar MA (Hourly) at 53128.27.
Technical Support is expected around 47044.01/ 46556.35/ 41851.15 with Stops expected below.
Technical Resistance is expected around 64899/ 66200/ 66739.76 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.
