Bitcoin (BTC/USD) encountered additional technical resistance early in today’s Asian session as the pair remained pressured below the psychologically-important 50000 figure following this week’s depreciation from the 52100 level, its strongest print since early December. Stops were recently elected below the 50535.16, 49567.08, 48784.66, 48002.24, 47034.16, and 46888.29 areas during the pullback, representing the 23.6%, 38.2%, 50%, 61.8%, 76.4%, and 78.6% retracements of the recent appreciating range from 45469.32 to 52100. Buying pressure emerged around the 46596.52 level following the pullback, representing a test of the 23.6% retracement of the depreciating range from 49459.39 to 45469.32.
Selling pressure commenced around the 59114.84 level in recent weeks and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 52706.65, 55157.38, and 55526.67 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 48508.42 and the 50-bar MA (Hourly) at 49110.69.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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.