Bitcoin (BTC/USD) extended its recent weakness early in the Asian session as the pair sharply weakened to the 23107.95 area after encountering selling pressure around the 28314.52, 26229.91, and 25436.09 levels, its weakest print since December 2020. Stops were elected below the previous 2022 low of 25338.53 from May. Stops were recently elected below the 28426 area, a downside price objective related to selling pressure that intensified around the 48240 area, and Stops were also elected below the 26411 and 25825 levels, downside price objectives related to selling pressure around the 47469 and 48240 areas. Stops have been elected below many downside price objectives during the ongoing weakness, including the 30435, 29645, 28927, and 28426 areas, downside price objectives related to selling pressure that intensified around the 47469, 47200, and 48240 areas.
If BTC/USD resumes its depreciation, traders are eyeing additional downside price objectives around the 24365 and 21074 areas. Significant selling pressure hastened around the 31717, 31364, and 31289 areas, upside technical price objectives and retracement levels related to historical buying pressure around the 3858 area. 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 29621.39 and the 50-bar MA (Hourly) at 28023.37.
Technical Support is expected around 21074.87/ 20895.70/ 20495.33 with Stops expected below.
Technical Resistance is expected around 40100.93/ 41570.88/ 43443.32 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.