Bitcoin (BTC/USD) sought to retain recent gains above the psychologically-important 50000 figure early in today’s Asian session as the pair recently encountered buying pressure around the 49955 level, representing a test of the 23.6% retracement of the recent appreciating range from 45469.32 to 51527.62. Additional downside retracement levels in this appreciating range include the 49213, 48498, 47783, 46899, and 46765 levels. Some selling pressure recently emerged around the 51527.62 level, representing a test of a downside retracement level related to selling pressure that strengthened around the 57670.68 area. BTC/USD has gained more than 73% year-to-date despite a depreciation of 11.4% month-to-date.
Selling pressure commenced around the 59114.84 level in recent weeks and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 52706.65, 55157.38, and 55526.67 areas. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 51231.76 and the 50-bar MA (Hourly) at 50523.88.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.