Bitcoin (BTC/USD) added to its recent losses early in the Asian session as the pair depreciated to the 42500 level after encountering selling pressure around the 45832.51 level during the European session, with the interday low representing the weakest print since early August. Stops were elected below the 43276.37 level during the sharp descent, an area that represents the 61.8% retracement level of the appreciating range from 37000 to 52944.96. Additional downside price retracement levels in this depreciating range include 40992 and 40648. Large Stops were also elected below the 46694 level, representing the 38.2% retracement of the depreciating range from 52944.36 to 42830.77.
Following the recent selling pressure, upside retracement levels and areas of potential technical resistance include 44916, 45662, 46409, 47322, 47471, 49081, 50558, and 50780. 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 46847.22 and the 200-bar MA (Hourly) at 46879.23.
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 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.
