Bitcoin (BTC/USD) maintained a positive technical bias early in the North American session as the pair continues to approach its all-time high around the 64899 level established in April. During a recent pullback, buying pressure emerged around the 58943 area, representing a test of the recent appreciating range from 49328.62 to 61788.45. Subsequent technical bids emerged around the 61333 area, representing a test of the 100-hour simple moving average. Stops were elected above the 62924.06 and 64013.88 levels during the recent ascent to multi-month highs, upside price objectives related to buying pressure that emerged around the 53873.78 levels.
As traders continue to accumulate long positions, there is renewed focus on upside retracement levels and areas of potential technical resistance including the 64899, 65719, 66380, 67146, 68515, 69449, 71974, and 73245 areas. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 61875, 60251, 58939, 58623, 57627, 56003, 54988, and 52050 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 59833.03 and the 50-bar MA (Hourly) at 62539.28.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 64899/ 65719.69/ 67146.16 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 Bearishly below 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.
