Bitcoin (BTC/USD) continued to drift lower early in the Asian session as the pair orbited the 42000 figure after trading as low as the 41750 area during its pullback. Traders are carefully monitoring price activity around the 42191.38 area, representing the 38.2% retracement of the recent appreciating range from 36264.36 to 45855. Additional downside retracement levels in this appreciating range include the 41059, 39927, 38527, and 38316 levels. Another broader range that traders are monitoring is the appreciation from 32933.33 to 45855, and downside retracement levels include the 40918, 39394, 37869, 35982, and 35698 areas.
The recent print around the 45855 level represented a test of the 46091 area, a retracement level related to the broad depreciating range from 59249.77 to 39233.33. If BTC/USD extends its recent upside progress, additional areas of potential selling pressure and technical resistance include the 47576, 47998, 49196, 53039, and 53618 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 42987.21 and the 50-bar MA (Hourly) at 42656.76.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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 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.
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