Bitcoin (BTC/USD) attempted to extend recent upside progress early in the Asian session as the pair escalated higher to the 24223.46 level after recent buying pressure emerged around the 22899 area during a pullback, with the recent high representing the pair’s strongest showing since mid-June. Stops were recently elected above the 22908.48 area, a level that represents the 38.2% retracement of the depreciating range from 31549.21 to 17567.45. Buying pressure also recently emerged around the 21392.46 area during a pullback, representing a test of the 50-hour simple moving average and a bullish indication following recent buying pressure around the 100-hour simple moving average. If BTC/USD extends recent upside progress, technical resistance and potential selling pressure is evident around the 24209, 24558, 25778, 26014, and 26208 levels.
BTC/USD bulls are looking to see if a constructive base can be established above the 21074.87 area, a previous upside price objective related to historical buying pressure that commenced around the 3858 and 9819.83 levels. The technical significance of these upside levels was confirmed when BTC/USD tested the 17787.51 area in mid-June, and additional related price objectives include the 25142.29 and 31717.02 areas. Possible technical support and areas of buying pressure include the 21406, 20926, 20446, 19852, and 19762 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. 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 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 21066.33 and the 50-bar MA (Hourly) at 22541.29.
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.
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