Bitcoin (BTC/USD) attempted to add to recent buying pressure that saw the pair encounter technical support around the 41123.26 level, representing the 50% retracement of the broad appreciating range from 29301.56 to 52944.96. Additional upside retracement levels in this appreciating range include the 43913 and 47365 areas. BTC/USD’s recent weak performance in September saw the pair cede 9% of its market value, while retaining 47% of its year-to-date gains. Traders observe technical resistance around the 44697.77 area, representing the 38.2% retracement of the depreciating range from 52944.96 to 39600, with additional upside retracement areas around the 46272, 47847, 49795, and 50089 levels.
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 42823.21 and the 50-bar MA (Hourly) at 42290.97.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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