Bitcoin (BTC/USD) notched some upside progress early in the Asian session as the pair advanced higher to the 45472.81 level after trading as low as the 43955 level during yesterday’s European session, with the interday low representing a test of the 76.4% retracement of the appreciating range from 42505.02 to 48912. Stops were recently elected below the 45945.44, 45418.91, 44767.43, and 44669.26 areas during the pullback, representing the 50%, 61.8%, 76.4%, and 78.6% retracements of the appreciating range from 43714.36 to 48176.52. Chartists observe BTC/USD traded as low as the 44216.47 area, representing a test of the 61.8% retracement of the broader appreciating range from 41509 to 48912.
BTC/USD has experienced a series of lower highs over the past several trading sessions, a bearish development that could lead to additional depreciation. If BTC/USD extends its recent upward trajectory, upside retracement levels and areas of potential technical resistance include the 48287.98, 52608.44, and 53259.47 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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 45946.43 and the 50-bar MA (Hourly) at 45063.69.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 48287.98/ 51569.56/ 64899 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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