Bitcoin (BTC/USD) finished the month of October on a positive note, scoring a monthly gain of about 42.3% and lifting its year-to-date performance to a gain of approximately 114.7%. Trading activity remained very technical late last week with traders lifting BTC/USD to 62293 before it came off to 60725, representing tests of the 76.4% and 50% retracements of the recent depreciating range from 63726.58 to 57653.88. Traders are paying close attention to upside demand around the 60725 area, right around the 50% retracement of this depreciating range. Additional upside retracement levels include the 63599, 64898, and 65094 areas.
BTC/USD recently tested the 58265 level multiple times, 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 bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 61624.97 and the 50-bar MA (Hourly) at 61657.49.
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 Bearishly below SlowD while MACD is Bullishly above 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.