Bitcoin (BTC/USD) was volatile early in the North American session as the pair continued to recover following a sharp selloff that saw it driven lower to the 53873.78 level, representing a test of the 200-hour simple moving average. The recent low also represented a test of the 23.6% retracement of the broad appreciating range from 39600 to 57833.23. Stops were elected below some price retracement levels during the pullback, including the 56782, 56131, 55606, 55080, 54430, and 54381 levels, technical areas related to recent appreciations from the 53379 and 54381 levels.
Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 53530, 50868, 48716, 46565, 43903, and 43501 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above 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 50-bar MA (4-hourly) at 54554.58 and the 50-bar MA (Hourly) at 56724.43.
Technical Support is expected around 39600/ 37401.27/ 34881.40 with Stops expected below.
Technical Resistance is expected around 57833.23/ 58491.15/ 64899 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 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.
