Bitcoin (BTC/USD) continued to orbit some key technical levels early in the Asian session as traders remained on the defensive following last week’s rapid depreciation that saw it trade as low as the 42880.77 area. Significant Stops were elected during the recent tumble, including below key technical levels around the 46652, 45054, 43330, and 43269 levels. Selling pressure around the 52944.36 and 48137.48 levels hastened the sharp decline of BTC/USD, and that opened up a test of key intraday technical support around the 46652.63 level.
Following the recent acute depreciation, retracement areas include the 46321, 45654, 45115, 44576, and 43909 levels. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 47559.10 and the 50-bar MA (Hourly) at 46405.23.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.