Bitcoin (BTC/USD) ceded some additional recent gains early in the Asian session as the pair weakened to the 23600.01 area after encountering additional selling pressure around the 24383.85 and 24166.95 levels. Traders were unable to push BTC/USD above the 24209.14 area during a slight move higher, a level that represents the 61.8% retracement of the depreciating range from 28314.52 to 17567.45. Stops were elected below the 24395, 24065, and 23798 areas during the pullback, representing the 23.6%, 38.2%, and 50% retracements of the recent appreciating range from 22666.23 to 24929.99. 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 23450.93 and the 100-bar MA (Hourly) at 23807.70.
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.