Bitcoin (BTC/USD) extended its pullback in today’s Asian session as the pair depreciated to the 51995.98 area after trading as high as the 55043.63 area earlier during the Asian session, with the intraday high representing a test of the 100-hour simple moving average.  After establishing a new lifetime high around the 58367 area early in the week as traders elected significant Stops below the 200-hour simple moving average, 50-bar 4-hour simple moving average, and 100-bar 4-hour simple moving average.  Additional Stops were elected below a series of downside retracement levels including 51473.20, 50674.71, 49674.05, 48741.27, 48371.21, and 47208.40.  If BTC/USD extends its move lower, traders will pay close attention to potential areas of technical support including 45915.92, 45202.88, 44441.89, 43761.50, 42786.36, 42259.21, and 41537.23. 

Stops were recently 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.   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 52548.17 and the 200-bar MA (Hourly) at 52501.73.

Technical Support is expected around 45915.92/ 45202.88/ 44441.89 with Stops expected below.

Technical Resistance is expected around 58896.80/ 59724.81/ 59792.54 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.

Source
Author: Sally Ho

Categories: Bitcoin

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