Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair depreciated to the 61602 level after trading as high as the 63007.43 level during the European session, with the interday high representing a test of the 50-hour simple moving average and the 50% retracement of the depreciating range from 64899 to 61227.91. Traders pushed BTC/USD as low as the 60048.43 area during the sharp move lower, with the intraday low representing a test of the 23.6% retracement of the appreciating range from 58370 to 60658.89. The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area. Stops were elected above the 63788.16 level and 64436.39 level during the ascent, upside price objectives related to the 27678 area.
Significant Stops were also recently elected above multiple upside price objectives during the sharp climb including the 61065.64, 61463.38, 61732.54, and 62026.52 areas, levels related to buying pressure that originated around the 9819.83, 17580, and 16200 areas. Additional upside price objectives include the 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 16200, 17580, and 9819.83 levels. Potential technical support areas during pullbacks include the 62657.24, 61270.38, 60149.50, 59028.62, and 57641.76 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 60886.35 and the 200-bar MA (Hourly) at 60787.15.
Technical Support is expected around 60575.37/ 59587.20/ 58599.02 with Stops expected below.
Technical Resistance is expected around 64899/ 66200/ 66739.76 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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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