Bitcoin (BTC/USD) was pressured lower early in the Asian session as the pair depreciated to the 42830.77 level after trading as high as the 52994.96 area during the previous Asian session, with the interday high representing a test of previous technical support that emerged earlier this year during the climb to the 61788.45 level. During the pair’s pullback, Stops were elected below the 51432 and 50497 levels, representing the 23.6% and 38.2% retracement levels of the appreciating range from 46537.62 to 52944.96. Additional Stops were elected below the 45054.02 and 43269.33 levels during the acute move lower, representing downside price objectives related to selling pressure that intensified around the 51236.30 area.
More Stops were elected below the 46652.63 and 43330.60 areas, downside price objectives related to selling pressure that strengthened around the 48137.48 level. Buying pressure eventually emerged around the 42830.77 level during the pullback, above a downside price objective around the 42521.94 area that is related to selling pressure that intensified around the 49248.87 level. Additional downside price objectives and areas of potential technical support include the 40360 and 32576 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-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 50-bar MA (4-hourly) at 49609.73 and the 200-bar MA (Hourly) at 49593.03.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 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 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.
