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BTC/USD Hovering Around 48880 Technical Resistance: Sally Ho's Technical Analysis 6 March 2021 BTC

BTC/USD Hovering Around 48880 Technical Resistance:  Sally Ho's Technical Analysis 6 March 2021 BTC

Bitcoin (BTC/USD) weakened slightly early in today’s Asian session as the pair depreciated to the 48533 area after trading as high as the 49473.99 area in the North American session, with the interday high representing a test of the 50% retracement of the depreciating range from 52666 to 46219.32Buying pressure emerged around the 46416.22 area during the European session, just below the 38.2% retracement of the appreciating range from 42505.02 to 48912Stops were recently elected below the 47208.40 area during the pullback, representing the 38.2% retracement of the appreciating range from 29156 to 58367.  Additional Stops were recently elected below a series of downside retracement levels including 51473.20, 50674.71, 49674.05, 48741.27, 48371.21, and 47208.40.  If BTC/USD extends its move lower, traders will pay close attention to potential areas of technical support including 44441.89, 43761.50, 42786.36, 42259.21, and 41537.23

Stops were recently elected above many significant technical levels during the latest move to a new all-time high, including the 51732.54, 52505.24, 53194.95, 53276.47, 54400, 55266.17, 55715.92, 56761.65, and 57427.73 levels.  These areas relate to historical buying pressure around the 17580, 21913.84, 27678, 16200, 27678, 21913.84, and 9819.83 levels.  If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 58896.80, 59724.81, 59792.54, 60,069.04, 60368.14, 60522.13, and 61064.65 levels.   Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 47857.30 and the 50-bar MA (Hourly) at 48533.25.

Technical Support is expected around 42786.36/ 41398.14/ 40314.60 with Stops expected below.

Technical Resistance is expected around 58896.80/ 59724.81/ 59792.54 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 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.

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