Bitcoin (BTC/USD) attempted to retain its recent upward progress early in the Asian session as the pair appreciated to the 52219.95 level after trading as low as the 51020.08 area during the North American session, with the interday low representing a test of recent technical resistance that was eclipsed. The pair recently blasted above the 51355.26 level to multi-month highs, an area that represents the 23.6% retracement of the appreciating range from 17580 to 61788.45, and traded as high as the 51961.88 level. Significant Stops were also recently elected above the 50388.60 area, representing the 23.6% retracement of the appreciating range from 43016 to 52666.
Traders are paying attention to additional upside price retracement levels including the 52608 and 53259 areas. Following the pair’s recent advances above the 50000 figure, downside retracement levels and areas of potential technical support include the 49276, 49245, 48259, and 47705 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 49026.38 and the 50-bar MA (Hourly) at 50344.44.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 52166.73/ 52608.44/ 53025.00 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.