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Bitcoin (BTC/USD) searched for fresh technical sentiment early in the Asian session as the pair continued to trade above the psychologically-important 60000 figure after recently encountering selling pressure around the 64300 level. Trading activity has recently orbited the 62326.44 and 61223.72 levels, representing the 50% and 38.2% retracements of the recent depreciating range from 66999 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 50-bar MA (4-hourly) at 61608.05 and the 200-bar MA (Hourly) at 61550.24.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
