Bitcoin (BTC/USD) maintained its recent upside bias early in the Asian session as the pair oscillated around the 43000 figure after trading as high as the 43296.47 level before profit-taking commenced down to the 42668 level. Stops were elected above the 42769.80, 43006.76, and 43042.47 levels during the ascent, representing the 61.8%, 76.4%, and 78.6% retracements of the recent depreciating range from 43389.79 to 41766.79. BTC/USD recently encountered technical resistance at the 43389 level, representing a test of the 78.6% retracement of a broader depreciating range from 45855 to 34322. Traders are closely watching to see if BTC/USD can become technically constructive above the 41445.06 level, representing the 23.6% retracement of the broader depreciating range from 69000 to 32933.33.
Stops were recently elected above the 40079.12, 40673.54, 41409, and 41519.83 levels during the move higher, retracement levels related to the depreciating range from 42597.84 to 37560.40. 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 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 41445.81 and the 50-bar MA (Hourly) at 42477.58.
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 Bullishly above SlowD while MACD is Bullishly above 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.
