Bitcoin (BTC/USD) battled back early in the Asian session as the pair appreciated to the 31987.16 level after trading as low as the 31025.42 area, a fresh multi-week low. Traders are observing some technical resistance around the 32150 area, representing the 50% retracement of a broad appreciating range from 28800 to 35500. Traders also observe the intraday low also represented a test of the 78.6% retracement of the broader appreciating range from 21913.84 to 64899. Traders are closely watching how BTC/USD trades around the 31755.32 area, representing the 23.6% retracement of the depreciating range from 41322.55 to 28800.
Traders recently lifted BTC/USD to the 34670 area after Stops were elected above the 34484.12 area, representing the 61.8% retracement of the recent depreciating range from 35951 to 32111. Buying pressure recently emerged around the 33027.83 area, representing a test of the 23.6% retracement of the same depreciating range. Traders observe BTC/USD continues 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. 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 32963.83 and the 50-bar MA (Hourly) at 32181.85.
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 Bearishly below 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.
