Bitcoin (BTC/USD) sought fresh market direction early in the Asian session as the pair reacted to recent volatile trading activity that saw a quick sell-off to the 57653.88 level followed by a quick recovery to the 62477.47 area, with the low resulting in the election of Stops below the 58265 area, a downside price objective that has recently served as technical support. The recovery to the 62477 level represented a test of the 78.6% retracement of the recent depreciating range from 63726.58 to 58103.77, and also a test of the 50% retracement of the depreciating range from 66999 to 58100. Additional upside retracement levels include the 62549, 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 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 60979.82 and the 50-bar MA (Hourly) at 59920.63.
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 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.