Bitcoin (BTC/USD) attempted to add to short-term gains early in the Asian session as the pair appreciated back above the 42500 level after trading as low as the 42003.45 area during the European session, with the intraday low representing a test of the 23.6% retracement of the recent appreciating range from 40750.12 to 42468.04. Stops were elected above the 42558.54 area during the North American session, representing the 50% retracement of the depreciating range from 44366.96 to 40750.12. Selling pressure emerged around the 100-hour simple moving average, limiting the ability of BTC/USD to test the 42985 level, representing the 61.8% retracement of the depreciating range from 44366.96 to 40750.12. Stops were recently elected below the 43878, 43060, 42400, 41739, 40921, and 40798 levels, retracement levels related to the recent appreciating range from 39600 to 45200, along with Stops below the 40992 and 49548 levels.
After selling pressure intensified around the 47788 and 45832 levels recently, the 42668 area emerged as an important downside price objective, and buying pressure temporarily emerged just below this area to drive BTC/USD higher to the 44250.35 level before selling pressure resumed. Following the recent selling pressure, upside retracement levels and areas of potential technical resistance include 43994, 44889, 45997, and 46164 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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42823.21 and the 50-bar MA (Hourly) at 42290.97.
Technical Support is expected around 39600/ 37401.27/ 34881.40 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 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.
