Bitcoin (BTC/USD) notched strong gains early in today’s Asian session as the pair appreciated to the 53749 area after trading as low as the 49328.62 area in the European session, with the interday low representing a test of the 50% retracement of the depreciating range from 52666 to 46219.32. Stops were elected above the 52502.92 level, representing the 61.8% retracement of the depreciating range from 58367 to 43016. Traders observe that BTC/USD continues to regain lost ground following its recent depreciation from its all-time high around 58367 to a recent relative low around the 43016 area. The pair recently moved above the 50691.50 level, representing the 50% retracement of the depreciating range, and additional upside retracement levels include 54744.16 and 55081.99. 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.
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. Some areas of potential technical support during pullbacks include 48661.95, 47841, 47740.74, 46702.30, 46219.32, 45293.40, and 45081.10. Stronger technical support is likely in place around the 43549.50, 42259.21, and 40052.57 areas, with Stops likely in place below. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 49750.16 and the 50-bar MA (Hourly) at 50641.78.
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 Bullishly above 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.