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Bitcoin (BTC/USD) gave back recent gains early in the Asian session as the pair was pressured lower after peaking around the 66339.90 level, representing a test of the 23.6% retracement of the appreciating range from 57653.88 to 69000. Additional downside retracement levels in this appreciating range include the 64665, 63326, 61988, 60331, and 60081 levels. If selling pressure intensifies, traders are paying close attention to the 62219.50 and 62024.25 levels, representing the 76.4% and 78.6% retracements of the appreciating range from 60125 to 69000.
BTC/USD bulls remain focused on the psychologically-important 70000 figure. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 61436, 59652, 57443, and 57110 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 65249.27 and the 50-bar MA (Hourly) at 64834.40.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
