Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair depreciated to the 56646.24 level after trading as high as the 58400 level during the European session, with the interday high representing a test of the 38.2% retracement of the recent appreciating range from 53025 to 61788.45. Traders pushed BTC/USD as low as the 56433.21 level during the European session, representing a test of the 100-hour simple moving average. Stops were recently elected above the 55971.51 level during the ascent, representing the 50% retracement of the depreciating range from 64899 to 47044.01. The next upside retracement levels in this range include the 58078.39, 60685.22, and 61078.03 areas. The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area.
Significant Stops were also recently elected above multiple upside price objectives during the sharp climb including the 61065.64, 61463.38, 61732.54, and 62026.52 areas, levels related to buying pressure that originated around the 9819.83, 17580, and 16200 areas. Additional upside price objectives include the 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 16200, 17580, and 9819.83 levels. Potential technical support areas during pullbacks include the 46219.32, 45472.23, 44900.82, and 44373.66 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 200-bar MA (4-hourly) at 56926.84 and the 100-bar MA (Hourly) at 56558.19.
Technical Support is expected around 47044.01/ 46556.35/ 41851.15 with Stops expected below.
Technical Resistance is expected around 64899/ 66200/ 66739.76 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.