Bitcoin (BTC/USD) worked to sustain modest gains early in the Asian session as the pair has recently tackled the 41500 level after buying pressure emerged around the 39636.57 area. Stops were elected above the 40823.78 area, representing the 38.2% retracement of the recent depreciating range from 43443.32 to 39204.59 and an area where buying pressure later emerged. Additional Stops were later elected above the 41323.96 area, a level that represents the 50% retracement of the same depreciating range. Technicians are monitoring price activity to see if BTC/USD can become technically constructive above the 40586.67 and 39638.68 levels, technically significant areas related to buying pressure that strengthened around the 39233.33 and 34322.
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 38832, 38670, 37797, 37119, and 35626 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 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 42184.23 and the 100-bar MA (Hourly) at 41081.67.
Technical Support is expected around 38670.39/ 37797.03/ 34190.77 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 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.
