Bitcoin (BTC/USD) added to its recent pullback early in the Asian session as the pair depreciated back below the 47500 level after encountering technical resistance around the 48346.73 level during the European session, with the interday high representing a test of the 23.6% retracement of the appreciating range from 46752.67 to 48825.62. Significant Stops were elected below the 47800, 47558, 47259, and 47214 levels during the depreciation, representing the 50%, 61.8%, 76.4%, and 78.6% retracement levels of the recent appreciating range from 46775.65 to 48825.62. Traders are carefully monitoring technical support around the 46694 level, representing the 38.2% retracement of the depreciating range from 52944.36 to 42830.77.
Additional upside retracement levels and areas of potential technical resistance include 49081, 50558, and 50780. Following the ongoing recent gains, downside retracement areas include the 46920, 46138, 45506, 44875, 44093, and 43976 levels. Additional downside price objectives and areas of potential technical support include the 40360 and 32576 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 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 46830.56 and the 200-bar MA (Hourly) at 46776.54.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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.
Credit: Source link