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Bitcoin (BTC/USD) was pressured early in the Asian session as the pair continued to trade below the 64000 level after establishing a series of lower highs following its recent all-time high around the 69000 figure. Traders were unable to gain much traction above the 64339.40 area, representing the 61.8% retracement of the recent depreciating range from 65600 to 62300, and the 50-hour simple moving average has also served as technical resistance in recent trading sessions. Technical support recently emerged around the 38.2% retracement of the depreciating range from 66999 to 59522.89.
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 62219 and 62024 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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 64312.45 and the 50-bar MA (Hourly) at 64281.32.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
