Bitcoin (BTC/USD) continued to pare recent gains early in the Asian session as the pair again tested the 24395.74 level, an area that represents the 23.6% retracement of the recent appreciating range from 22666.23 to 24929.99. Stops were elected above the 25054.10 area before the pullback as BTC/USD finally broke above the recent high around the 24930 area. BTC/USD bulls are looking for a sustained break above the 23522.69 area, a level that represents the 78.6% retracement of the depreciating range from 24287.13 to 20715. Upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas.
Additional upside price objectives and areas of potential selling pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Below recent price activity, possible technical support and areas of buying pressure include the 22582, 22141, 21596, 20446, 19852, and 19762 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. 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 23815.56 and the 50-bar MA (Hourly) at 24461.24.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 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.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of, nor is it intended to be used as legal, tax, investment, or financial advice.