Bitcoin (BTC/USD) tried to battle back from recent weakness early in the Asian session as the pair appreciated to the 57512.59 level in the European session after trading as low as the 55625 area during yesterday’s Asian session. Stops were recently elected below the 59222.36 and 59076.15 areas, representing the 76.4% and 78.6% retracements of the same appreciating range from 57653.88 to 64300. Strong selling pressure emerged earlier this week after BTC/USD traded as high as the 66339.90 level, representing a test of the 23.6% retracement of the appreciating range from 57653.88 to 69000.
Stops were elected below many retracement levels and areas of potential technical support during the pullback, including the 65430, 64562, 63515, 63221, 61985, 61436, 60436, 59652, and 58887 levels. BTC/USD bulls remain focused on the psychologically-important 70000 figure. Following the pair’s recent volatility, downside retracement levels and areas of potential technical support include the 57443, 57110, 56971, and 56682 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 62326.44 and the 50-bar MA (Hourly) at 58676.16.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 69000/ 69449.40/ 77565.60 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 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.