Bitcoin (BTC/USD) extended its recent pullback early in the Asian session as the pair depreciated to the 54000 level after trading as high as the 57209.97 level during the North American session, with the interday high representing a test of the 38.2% retracement of the depreciating range from 59238 to 55543.89. Bids emerged just above the 78.6% retracement of the appreciating range from 53025 to 57402.14 to slow BTC/USD’s tumble. Following the recent weakness, some downside levels of potential technical support include 52402, 52166, 52107, 51997, 50485, 50187, 49962, 49551, 49322, 48972, and 48634. Traders have lifted BTC/USD more than 90% year-to-date, pushing the pair as high as the 61788.45 level, a fresh all-time high.
Stops were recently elected above some important upside price objectives including the 58896.80, 59792.54, 60069.04, 60368.14, 60522.13, and 61065.64 areas, targets related to buying pressure from the 16200, 17580, 21913.84, and 9819.83 levels. If BTC/USD extends recent gains, additional upside price objectives include the 62026.52, 63788.17, 64436.39, and 64835.59 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 200-bar MA (4-hourly) at 53327.90 and the 50-bar MA (Hourly) at 54983.16.
Technical Support is expected around 53000/ 52378.04/ 52107.83 with Stops expected below.
Technical Resistance is expected around 62026.52/ 63788.17/ 64436.39 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.