Bitcoin (BTC/USD) added to recent gains early in today’s Asian session as the pair escalated to the 37500 level after trading as low as the 36640.94 area during yesterday’s Asian session, with the interday low representing a test of the 200-hour simple moving average, and also the 38.2% retracement of the appreciating range from 32933.33 to 38960. Traders are waiting to see if BTC/USD can become constructive above the 37446 area, representing the 38.2% retracement of the depreciating range from 38748.43 to 36640.94. Additional retracement levels in this depreciating range include the 37694, 37943, 38251, and 38297 areas. Some Stops were recently elected above the 37456.66 area during the recovery higher, an upside retracement level that represents the 23.6% retracement of the recent depreciating range from 52100 to 32933.33.
Additional upside retracement levels in this range include the 40255, 42516, 44778, 47576, and 47998 areas. One downside price objective related to selling pressure around the 52100 and 47076.55 levels is the 28625.93 area. Stops are likely in place below the 31639.47 area, a downside price objective related to selling pressure that intensified around the 57670.68 area. Additional downside price objectives include the 29514, 27721, 25839, and 25217 levels. If BTC/USD recovers from its recent selling pressure, upside price resistance and areas of potential selling pressure include the 39144, 39470, and 40255 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 36829.56 and the 100-bar MA (Hourly) at 37397.81.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 41583.39/ 42544.70/ 44655.08 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.
