Bitcoin (BTC/USD) continued to trade to the downside early in the Asian session as the pair traded below the 38727.61 level, an area that represents the 38.2% retracement of the depreciating range from 45855 to 34322. Downward price activity finally snapped BTC/USD out of its multi-day sideways trading range and pushed the pair as low as the 37560.40 area, its weakest print since its recent tumble to 37161.88. Traders have recently encountered technical resistance around the 39548.98 area, a level that represents the 50% retracement of the depreciating range from 44775.96 to 34322, along with recent selling pressure around the 50-hour simple moving average and 200-hour simple moving average.
Following the recent move higher, areas of potential technical support and buying pressure include the 37043, 36942, 36789, 36698, 36662, 36444, and 35698 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 39225.41 and the 50-bar MA (Hourly) at 38886.17.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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.
