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Bitcoin (BTC/USD) gave back some recent gains early in the North American session as the pair continued to orbit the 57000 figure after recently trading as high as the 57833.23 level, its strongest print following its sharp depreciation in May. Stops were recently elected above the 57379.64 and 57173.81 levels, representing the 76.4% and 78.6% retracement levels of the depreciating range from 64899 to 28800. Technical support recently emerged around the 56514.83 area, representing the 38.2% retracement of the recent appreciating range from 54381.93 to 57833.23.
Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56131, 55606, 55080, 54430, and 54332 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 53586.07 and the 50-bar MA (Hourly) at 56158.55.
Technical Resistance is expected around 57833.23/ 58491.15/ 64899 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 Bearishly below MACDAverage.
