Bitcoin (BTC/USD) continued to orbit some key technical levels early in the Asian session as the pair traded just above the 30950.63 level, a downside price objective related to selling pressure that commenced around the 59592.20 and 51569.56 levels. Traders observe BTC/USD has also been trading around the 31755.32 area, a level that represents the 23.6% retracement of the recent depreciating range from 41322.55 to 28800. Additional upside retracement levels related to this depreciating range include 33583.61, 35061.28, 36538.94, and 38367.23.
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. Likewise, BTC/USD remains offered below the 36424.02 area, a downside price objective related to selling pressure that intensified around the 51569.56 area. 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 32470.62 and the 50-bar MA (Hourly) at 31677.96.
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 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.
