Bitcoin (BTC/USD) gave back some recent gains early in the Asian session as the pair paused its ascent by testing short-term demand below the 48000 figure after trading as high as the 48499 area during the European session. Stops were elected above the 48383.63 level during the move higher, an area that represents the 61.8% retracement of the depreciating range from 49418.80 to 46708.93. Buying pressure emerged during yesterday’s Asian session around the 47348.46 area, representing the 23.6% retracement of the depreciating range from 49418 to 46709.93. Stops were recently elected above the 46694 and 47887 levels during the extension of recent gains, areas that represent the 38.2% and 50% retracement levels of the recent depreciating range from 52944.36 to 42830.77.
Additional upside retracement levels and areas of potential technical resistance include 49081, 50558, and 50780. Following the ongoing recent gains, downside retracement areas include the 46920, 46138, 45506, 44875, 44093, and 43976 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 bearishly indicating below the 100-bar MA (4-hourly) and below 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 100-bar MA (4-hourly) at 47801.63 and the 50-bar MA (Hourly) at 47465.46.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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.