Bitcoin (BTC/USD) sought fresh technical sentiment following weak performance in September that saw the pair cede 9% of its market value, while retaining 47% of its year-to-date gains. Recent upward pressure saw the pair test the 43060.80 area, representing the 38.2% retracement of the recent appreciating range from 39600 to 45200. Traders observe technical resistance around the 44697.77 area, representing the 38.2% retracement of the depreciating range from 52944.96 to 39600, with additional upside retracement areas around the 46272, 47847, 49795, and 50089 levels.
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.
