Bitcoin (BTC/USD) attempted to add to intraweek gains early in the Asian session as the pair looked to gain more of a foothold above the 38500 area following bids that emerged around the 37700 area earlier this week. Buying pressure strengthened around the 38440 level, representing a test of the 23.6% retracement of the recent depreciating range from 40817.16 to 37700. Stops were elected above the 39366, 39525, 39626, 40081, 40291, and 40659 areas, upside retracement levels related to recent buying pressure around the 38550 and 38210.24 levels. Upside technical resistance and areas of potential selling pressure include the 43380, 43564, and 44000 levels.
Additional downside price objectives include the 38062, 37958, 37450, 37151, 37032, 36940, 36302, and 35995 levels. Recent price activity has seen BTC/USD trade below the 38780.48 area, a level that represents the 61.8% retracement of the appreciating range from 32933.33 to 48240. This relative low was also below the 39600 area, an upside price objective related to historical buying pressure that emerged around the 29301.56 area. 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 40041.63 and the 100-bar MA (Hourly) at 39347.61.
Technical Support is expected around 37450.29/ 37032.81/ 36302.56 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 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.
