Bitcoin (BTC/USD) continued to moderate following intense selling pressure early in the Asian session as the pair appreciated back above the 43000 level after being driven as low as the 40200 level earlier this week, its weakest print since early August. Significant Stops were elected below the 40992.21 and 40648.02 levels during the move lower, representing the 76.4% and 78.6% retracements of the broad appreciating range from 37300 to 52944.96. Selling pressure intensified during the North American session, and additional Stops were elected below the 42666, 42140, 41456, and 40805 levels during the downturn.
After selling pressure that intensified around the 47788 and 45832 levels earlier this week, the 42668 area emerged as an important downside price objective, and buying pressure temporarily emerged just below this area to drive BTC/USD higher to the 44250.35 level before selling pressure resumed. Following the recent selling pressure, upside retracement levels and areas of potential technical resistance include 43994, 44889, 45997, and 46164 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 46554.76 and the 50-bar MA (Hourly) at 44787.60.
Technical Support is expected around 40200/ 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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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