Bitcoin (BTC/USD) notched strong gains early in today’s North American session as the pair appreciated to the 44900 area after trading as low as the 38057.01 area during the Asian session, with the intraday low just below the 23.6% retracement of the depreciating range from 41000 to 37371.35. Significant Stops were elected above many upside price objectives including the 40991.44, 41200, 41267.10, 41472.08, 41719.70, 42309.01, 42803.53, 43447.48, 43617.97, 44117.38, 44526.32, and 44866.27 levels. If BTC/USD is able to establish new all-time highs above its recent upside, traders will focus on upside price objectives including 44961.99, 45285.67, 46057.20, 46338.25, 46884.52, 47100, and 47738.63.
Following the recent surge of BTC/USD, traders are carefully watching potential areas of technical support including the 41184.42, 38885.79, 35078.00, 37028, 35170.21, and 32871.58 levels. Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 37095.22 and the 100-bar MA (Hourly) at 39356.61.
Technical Support is expected around 41184.42/ 38885.79/ 35078.00 with Stops expected below.
Technical Resistance is expected around 44961.99/ 45285.67/ 46057.20 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.