Bitcoin (BTC/USD) extended its strong upward momentum early in today’s North American session as the pair appreciated to the 57563.57 area after trading as low as the 55034.06 area during the European session, with the intraday high representing another fresh all-time high. Stops were elected above many significant technical levels during the latest move to a new all-time high, including the 51732.54, 52505.24, 53194.95, 53276.47, 54400, 55266.17, 55715.92, 56761.65, and 57427.73 levels. These areas relate to historical buying pressure around the 17580, 21913.84, 27678, 16200, 27678, 21913.84, and 9819.83 levels. If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 58896.80, 59724.81, 59792.54, 60,069.04, 60368.14, 60522.13, and 61064.65 levels.
Following the recent surge of BTC/USD, traders are carefully watching potential areas of technical support including the 54779.92, 54293.39, 53057.84, 52511.49, 52270.31, 51666.02, 51577.77, 50859.38, 50635.22, and 50274.19 levels. Additional areas of potential upside pressure include 49994.09, 48971.63, 48337.14, 46884.52, 45773.09, and 44961.99. 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 50300.16 and the 50-bar MA (Hourly) at 53765.69.
Technical Support is expected around 54293.39/ 52511.49/ 51666.02 with Stops expected below.
Technical Resistance is expected around 58896.80/ 59724.54/ 60069.04 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 Bullishly above 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.
Author: Sally Ho