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Bitcoin (BTC/USD) sought fresh market sentiment early in the Asian session as the pair continues to trade within range of establishing a new lifetime high. The pair recently traded as high as the 66579.64 level, reached after absoring technical resistance around the 64793.55 and 64999.14 levels, representing the 76.4% and 78.6% retracements of the recent depreciating range from 66999 to 57653.88. Traders are monitoring the appreciating range from 40750.12 to 66999, with downside retracement levels including the 56971, 53874, 50777, 46944, and 46367 levels. If BTC/USD regains 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 61964.79 and the 200-bar MA (Hourly) at 61591.91.
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.
