Bitcoin (BTC/USD) weakened early in today’s North American session as the pair depreciated to the 33386.21 area after trading as high as the 34728.57 area during the European session, with the intraday high representing a test of the 76.4% retracement of the depreciating range from 40142.86 to 33865.23. Technical trading was also evident thereafter, with selling pressure seen multiple times around and below the 34810 area, a previous relative high. Buying pressure emerged around the 32200 area when traders tested the 38.2% retracement of the depreciating range from 37857 to 28732. The pair climbed as high as the 38664.33 area late last week before depreciating. If BTC/USD continues its upward momentum, additional upside price objectives include the 38799.44 and 39022.77 levels. If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 levels.
Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation. During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels. Following the recent depreciation, additional areas of potential technical support include the 28148.19 and 27421.33 levels. 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 above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 33806.77 and the 50-bar MA (Hourly) at 33708.96.
Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.
Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 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 Bearishly below 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.