Bitcoin (BTC/USD) worked to sustain recent gains early in the Asian session as the pair sought to move back above the psychologically-important 32000 figure after appreciating to the 32450 level during yesterday’s Asian session, with the interday high representing a test of the 38.2% retracement of the depreciating range from 34670 to 31025.42.   Strong buying pressure emerged just below the 31496.77 area during the ascent, a level that represents the 61.8% retracement of the appreciating range from 31025.42 to 32259.16. 

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 32597.53 and the 50-bar MA (Hourly) at 31737.01.

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 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.