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Bitcoin (BTC/USD) continued to trade in a range early in the Asian session as the pair searched for upward momentum to move above the 62427.02 area, representing the 78.6% retracement of the depreciating range from 63726.58 to 57653.88. Minor Stops were elected above the 61792 area during the pair’s recent interday gains, representing the 23.6% retracement of the appreciating range from 59500 to 62500. If BTC/USD finds another bid, additional upside retracement levels include the 63599, 64898, and 65094 areas.
BTC/USD recently tested the 58265 level multiple times, representing a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below 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 below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 61776.81 and the 100-bar MA (Hourly) at 61395.24.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 67146.16/ 68515.32/ 69449.40 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
