Bitcoin (BTC/USD) added to its recent comeback early in the Asian session as the pair appreciated to the 46802.78 level after trading as low as the 44679.92 area during yesterday’s Asian session, representing a test of the 61.8% retracement of the appreciating range from 42830.77 to 47400. Strong demand emerged during the North American session around the 45773.83 level and the buying activity lifted BTC/USD to test the 200-hour simple moving average. Stops were recently elected below the 43909.11 and 43808.59 areas, representing the 76.4% and 78.6% retracements of the appreciating range from 42830.77 to 47400.
Following the recent acute depreciation, retracement areas include the 47887, 49081, 50558, and 50780 levels. Additional downside price objectives and areas of potential technical support include the 40360 and 32576 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 46643.71 and the 200-bar MA (Hourly) at 46751.14.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 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.