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Bitcoin (BTC/USD) remained volatile early in the Asian session as the pair continued to contend with ongoing downward momentum after recently encountering selling pressure around the 64300 level, bearishly failing to test the 76.4% retracement of the recent depreciating range from 66999 to 57653.88. Traders recently drove BTC/USD lower to the 60070 area, representing a test of the 23.6% retracement of this depreciating range, and also a test of the 38.2% retracement of the narrower depreciating range from 63726.58 to 57653.88. If BTC/USD is able to regain upward momentum, additional upside retracement levels include the 64898.84 and 65094.61 levels.
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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 62000.47 and the 50-bar MA (Hourly) at 62742.73.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
