Bitcoin (BTC/USD) worked to sustain strong upside gains early in the Asian session as the pair traded as high as the 46950 level after strongly appreciating from the 46138.97 level. Strong Stops were elected above the 46487.10 and 46710.80 areas, retracement levels associated with selling pressure that intensified around the 50249.77 and 69000 areas. Stops were elected above the 44710, 44871, and 44895 levels during the recent climb, areas that represent the 61.8%, 76.4%, and 78.6% retracements of the depreciating range from 45130.91 to 44030. Stops were also recently 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.
Following the move higher, traders are monitoring some upside levels including the 47990, 48212, 48574, 49774, and 50362 areas. 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 43155.51 and the 50-bar MA (Hourly) at 44748.04.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46950/ 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 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.
