Bitcoin (BTC/USD) continued to trade in a very technical manner early in the Asian session as the pair awaited fresh technical sentiment after trading as high as the 21196.37 area, representing a test of the 61.8% retracement of the depreciating range from 22974.10 to 17567.45. Traders have chipped away at related retracement levels below this area over the last several trading sessions, evidencing the pair’s ongoing upside momentum. Additional related upside retracement areas and potential levels of selling pressure include the 21641 and 21720 areas, representing the 76.4% and 78.6% retracements of the depreciating range. If BTC/USD is able to extend some recent positive momentum, upside retracement levels and areas of potential selling pressure in recent depreciating ranges include the 22940, 24209, 25778, 26014, 26208, 28429, and 28557 areas.
One area of technical support and potential buying power is around the 17787 areas. Downside risks persist with one price objective being the 16990.14 area that is related to historical selling pressure around the 48240 level. Traders are also eyeing the 14500.15 area as potential technical support, a level that represents the 50% retracement of a historic upside range from 3858 to 31717.02, with another bearish price objective around the 10432.73 area. 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 bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 20679.23 and the 200-bar MA (Hourly) at 20683.12.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 24365.11/ 27455.20/ 32383.96 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.
