Bitcoin (BTC/USD) encountered additional downside risk early in the Asian session as traders continued to reduce exposure to long positions following some failures below key levels. The pair recently failed to test the 64793.55 and 64999.14 levels, representing the 76.4% and 78.6% retracements of the recent depreciating range from 66999 to 57653.88. Traders are monitoring the appreciating range from 40750.12 to 66999, with downside retracement levels including the 56971, 53874, 50777, 46944, and 46367 levels. If BTC/USD regains upward momentum, additional upside retracement levels include the 64898.84 and 65094.61 levels.
BTC/USD recently tested the 58265 level multiple times, representing a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 61620.96 and the 100-bar MA (Hourly) at 62112.21.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 67146.16/ 68515.32/ 69449.40 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 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.