Bitcoin (BTC/USD) attempted to add to recent gains above the 45000 level as traders have added to recent long positions following moves from below the 41000 level late last month. Traders elected Stops above the 46272.48 and 47847.19 levels during the climb, representing the 50% and 61.8% retracements of the depreciating range from 52944.96 to 33600. Additional upside retracement levels in the same depreciating range include the 49795.55 and 50089.14 levels.
Following the recent buying pressure, downside retracement levels and areas of potential technical support include the 45539, 44625, 43710, and 42579 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 200-bar MA (4-hourly) at 46166.49 and the 50-bar MA (Hourly) at 47269.41.
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 Bearishly below 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.
