Bitcoin (BTC/USD) experienced ongoing selling pressure early in the Asian session as the pair traded below some technically significant downside price objectives related to selling pressure that commenced around the lifetime high of 64899, and later around the 59592.20 and 41322.55 levels. These downside price objectives include the 35679.05, 34221.36, 33755.45, and 33583.61 areas, and traders will closely monitor price activity during any appreciations that test these levels. Traders observe BTC/USD has recently been trading around the 31755.32 area, a level that represents the 23.6% retracement of the recent depreciating range from 41322.55 to 28800. Additional upside retracement levels related to this depreciating range include 33583.61, 35061.28, 36538.94, and 38367.23.
Traders observe BTC/USD continues to be offered below the 38236.16 area, a level that represents the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000. Likewise, BTC/USD remains offered below the 36424.02 area, a downside price objective related to selling pressure that intensified around the 51569.56 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 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 32470.62 and the 50-bar MA (Hourly) at 31677.96.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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.
Credit: Source link
