Bitcoin (BTC/USD) gave back more ground early in today’s Asian session as the pair depreciated to the 42673.20 level after trading as high as the 45851 level during the European session, with the interday high representing another test of recent technical support around the 46000 figure that has become technical resistance. Traders observe BTC/USD was also unable to wander too far above the 50-hour simple moving average and has tested the 42307.36 area multiple times in recent sessions, representing the 78.6% retracement of the historic appreciating range from 36156.45 to 64899. Stops were elected below many downside price objectives related to recent selling pressure around the 59592.20 area, including the 55976, 55123, and 54067 levels. Larger Stops were recently elected below downside price objectives related to selling pressure that emerged in April at the new all-time high of 64899 and the recent 59592.20 area, including the 52658 and 48877 areas.
Many technical support levels related to broader historic ranges also gave way during the recent acute move lower including the 51375, 51245, 50527, 48478, 47698, and 47136 areas. Additional areas of potential technical support include the 41581, 40303, and 39604 areas. 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. 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. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-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 50322.63 and the 50-bar MA (Hourly) at 44912.24.
Technical Support is expected around 41581/ 40303/ 39604 with Stops expected below.
Technical Resistance is expected around 64899/ 66200/ 66739.76 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 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
