Published
2 years ago on
September 29, 2021
Bitcoin (BTC/USD) extended its recent pullback early in the Asian session as the pair depreciated to the 40750.12 level after trading as high as the 42780 area during the European session, with the interday high representing a test of the 38.2% retracement of the depreciating range from 44366.96 to 41953.96. Buying pressure during the North American session lifted BTC/USD to the 42569.18 level, representing the 38.2% retracement of the depreciating range from 44366.96 to 41535.44. Stops were recently elected below the 43878, 43060, 42400, 41739, 40921, and 40798 levels, retracement levels related to the recent appreciating range from 39600 to 45200, along with Stops below the 40992 and 49548 levels.
After selling pressure intensified around the 47788 and 45832 levels recently, 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 42840.69 and the 50-bar MA (Hourly) at 42676.14.
Technical Support is expected around 39600/ 37401.27/ 34881.40 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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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