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Bitcoin (BTC/USD) worked to recover from its recent sell-off early in the Asian session as the pair approached the 62378.76 level, representing a test of the 38.2% retracement of the recent depreciating range from 66999 to 59522.89. Stops were elected above the 61287.25 area, representing the 23.6% retracement of the same depreciating range. Additional price retracement levels in the same depreciating range include the 63260, 64143, 65234, and 65399 areas. Traders are paying close attention to technical resistance around the 63750 level, a previous downside price objective related to selling pressure around the 66658 and 66037 levels.
BTC/USD bulls remain focused on upside retracement levels and areas of potential technical resistance including the 67146, 68515, 69449, 71974, and 73245 areas. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 63784, 61796, 60189, 58581, 56593, 57627, and 56293 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 62301.63 and the 100-bar MA (Hourly) at 61986.21.
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 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
