Bitcoin (BTC/USD) worked to sustain a slight upside bid early in the Asian session as the pair was lifted higher to the 42866.71 level, representing a test of the 50% retracement of the appreciating range from 37569.14 to 48240. Technical demand recently emerged around the 42456 level, representing the 50% retracement of the appreciating range from 42187.60 to 42914.73. Stops were recently elected below some retracement levels during the pullback including the 40521, 43389, 43294, 43152, 42900, and 42709 levels, technically significant areas related to buying pressure that originated around the 40509, 41766, and 40509 levels. Additional Stops are likely in place below the 40089, 39879, 39776, and 39238 levels.
BTC/USD recently traded at a 2022 high around the 48240 area before ceding some gains. Additional upside price retracement levels that traders are closely monitoring include the 48574, 49774, 50362, 50636, and 50966 levels. Following the recent move higher, areas of potential technical support and buying pressure include the 45625, 45003, 44008, 43001, and 42700 areas. Areas of potential technical resistance and selling pressure include the 50966, 55222, 60488, and 61281 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 42960.45 and the 50-bar MA (Hourly) at 42649.07.
Technical Support is expected around 42112/ 41648.75/ 39776.32 with Stops expected below.
Technical Resistance is expected around 48574.70/ 50966.67/ 51595.38 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.
