Bitcoin (BTC/USD) looked to sustain recent gains early in the Asian session as the pair appreciated to the 61839.20 level after trading as low as the 58137.40 area during yesterday’s Asian session. Stops were elected above the 60200.16 and 61499.42 areas during the climb, representing the 23.6% and 38.2% retracements of the recent depreciating range from 66999 to 58100. Additional upside retracement levels in the same depreciating range include the 62549, 63599, 64898, and 65094 areas.
BTC/USD recently tested the 58265 level, representing a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels. 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 100-bar MA (4-hourly) at 60871.47 and the 100-bar MA (Hourly) at 61964.26.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 67146.16/ 68515.32/ 69449.40 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 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.