Bitcoin (BTC/USD) extended recent gains early in the North American session as traders continued to add to long positions above important technical levels, including the 51109.18 area that represents the 61.8% retracement of the depreciating range from 64899 to 28800. Traders have elected many Stops above key technical levels in recent trading sessions, including the 44697, 46272, 46849, 47847, 49795, 50089, 51109, and 52944 levels. Buying pressure has also taken place around the 50-hour simple moving average in recent trading sessions.
Additional upside retracement levels and areas of potential technical resistance include the 56379.64 and 57173.81 levels. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 52215, 49805, 47856, 45907, 43497, and 43133 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 49678.39 and the 50-bar MA (Hourly) at 54445.99.
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 Bearishly below 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.