Bitcoin (BTC/USD) lengthened its ongoing depreciation early in the Asian session as the pair remained weak below the psychologically-important 20000 figure after trading as low as the 19226.47 area. Stops were elected below the 19520 and 19434 areas during the spin lower to multi-day lows, representing the 76.4% and 78.6% retracements of the appreciating range from 18603 to 22490.54. BTC/USD has been given since stopping short of testing the 22908.48 area during a recent move higher, a level that represents the 38.2% retracement of a broader depreciating range from 31549.21 to 17567.45. If BTC/USD is able to reclaim 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 bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 20283.12 and the 50-bar MA (Hourly) at 20005.87.
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 Bearishly below 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.
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