Bitcoin (BTC/USD) continued to trade sideways early in the Asian session as the pair moderated after recently trading as high as the 22490.54 area, its strongest print in nearly a month. After later retreating to the 21172 area, BTC/USD encountered technical resistance around the 22179 and 21986 areas, representing tests of the 76.4% and 61.8% retracements of the depreciating range from 22490.54 to 21172. Buying pressure later emerged around the 21412 area after BTC/USD tested the 23.6% retracement of the same depreciating range. Additional upside retracement levels and areas of potential selling pressure in the same depreciating range include the 22940, 24209, 25778, 26014, 26208, 28429, and 28557 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. 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 200-bar MA (4-hourly) at 22549.29 and the 50-bar MA (Hourly) at 21330.82.
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 Bullishly above 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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