Bitcoin (BTC/USD) exploded higher early in today’s Asian session as the pair appreciated to the 63774.39 level after trading as low as the 60282.61 level during the European session, with the interday high representing a fresh lifetime high. Significant Stops were 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. Chartists note the interday high tested the 63788.17 level, an upside price objective related to buying pressure that emerged around the 27678 area.
Additional upside price objectives include the 64436.39, 64835.59, 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 27678, 16200, 17580, and 9819.83 levels. Potential technical support during pullbacks includes the 60575.37, 59587.20, 58599.02, 57376.36, and 57192.12 areas. 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 58581.29 and the 50-bar MA (Hourly) at 59873.29.
Technical Support is expected around 60575.37/ 59587.20/ 58599.02 with Stops expected below.
Technical Resistance is expected around 64436.39/ 66200/ 66739.76 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 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.