Bitcoin (BTC/USD) worked to safeguard some of its recent gains early in the Asian session as the pair backed away from recent highs around the 43109.47 area, a move higher that represented a test of the 50% retracement of the depreciating range from 48240 to 38550. Stops were elected below the 41367.75, 40829.74, and 40291.72 areas during the retreat, representing the 38.2%, 50%, and 61.8% retracements of the recent appreciating range from 38550 to 43109.47. Buying pressure slowed the descent around the 39744 area, above the 76.4% retracement of the same appreciating range. Recent relative highs around the 48240 level resulted in stronger selling pressure around the 47469, 44000, 43443, and 41570 areas, downward pressure that saw the pair cede about half of the multi-week gains it tallied since trading as low as the 32933.33 area in late January.
Upside technical resistance and areas of potential selling pressure include the 43380, 43564, and 44000 levels. Additional downside price objectives include the 39068, 38832, 38602, 38333, 38062, 37958, 37450, 37151, 37032, 36940, 36302, and 35995 levels. Recent price activity has seen BTC/USD test the 38780.48 area, a level that represents the 61.8% retracement of the appreciating range from 32933.33 to 48240. This relative low was also just below the 39600 area, an upside price objective related to historical buying pressure that emerged around the 29301.56 area. 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 40679.04 and the 200-bar MA (Hourly) at 40701.38.
Technical Support is expected around 38670.39/ 37797.03/ 34190.77 with Stops expected below.
Technical Resistance is expected around 48574.70/ 50966.67/ 51595.38 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 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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