Bitcoin (BTC/USD) glided lower in today’s North American session as the pair fell to the 36839.23 area after trading as high as the 37550 area during the European session, stopping short of testing the 61.8% retracement of the recent depreciating range from 40127.66 to 33850.03. Some technical support arose around the 50-bar 4-hourly simple moving average, and this lifted BTC/USD to intraday highs. Traders observe that BTC/USD traded at a recent low around the 33850.03 level this past weekend, a test of the 38.2% retracement of the appreciating range from 27678 to 37823 and the 61.8% retracement of the appreciating range from 30100 to 40127.66. Another range that traders are carefully monitoring is a broader depreciating range from 41452.12 to 30100, with the 34436.51 and 32779.10 levels representing downside retracement levels. Stops were elected below a variety of downside retracement levels during the recent acute pullback, including the 38159.91, 37249.25, 36226.47, 35900.79, 35784.73, 35454.75, 32988.07, 32663.14, 32135.98, 31948.12, and 31414.00 levels. Following this ongoing depreciation, additional areas of potential technical support include the 29783.19, 29093.19, 28847.31, 28148.19, and 27421.33 levels.
During the recent move higher, Stops were recently elected above a series of additional upside price objectives, including the 40517.80, 40667.76, 40991.44, 41200, 41267.10, and 41489.74 levels. 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. If BTC/USD is able to extend recent gains to the upside, additional upside price objectives include the 42309.01, 42701.91, 42803.53, 43447.48, and 43617.07 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 50-bar MA (4-hourly) at 36213.76 and the 100-bar MA (Hourly) at 36884.87.
Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.
Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 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.