Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair appreciated to the 50250 area after trading as low as the 45680 area in the European session, with the intraday low representing a test of the 50% retracement of the appreciating range from 42505.02 to 48912. Some Stops were elected above the 48880.08 area en route to the multi-day high, representing the 38.2% retracement of the depreciating range from 58367 to 43016. Additional upside retracement levels in this depreciating range include 50691.50, 52502.92, 54744.16, and 55081.89. Chartists also observe the move higher is also the first time BTC/USD has traded above the 200-hour simple moving average in several days. Stops were recently elected below a series of downside retracement levels including 51473.20, 50674.71, 49674.05, 48741.27, 48371.21, and 47208.40. If BTC/USD extends its move lower, traders will pay close attention to potential areas of technical support including 44441.89, 43761.50, 42786.36, 42259.21, and 41537.23.
Stops were recently elected above many significant technical levels during the latest move to a new all-time high, including the 51732.54, 52505.24, 53194.95, 53276.47, 54400, 55266.17, 55715.92, 56761.65, and 57427.73 levels. These areas relate to historical buying pressure around the 17580, 21913.84, 27678, 16200, 27678, 21913.84, and 9819.83 levels. If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 58896.80, 59724.81, 59792.54, 60,069.04, 60368.14, 60522.13, and 61064.65 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 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 48823.87 and the 200-bar MA (Hourly) at 48953.11.
Technical Support is expected around 42786.36/ 41398.14/ 40314.60 with Stops expected below.
Technical Resistance is expected around 58896.80/ 59724.81/ 59792.54 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 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.