Bitcoin (BTC/USD) failed to sustain recent gains early in the Asian session as the pair depreciated to the 49561.36 level after trading as high as the 50505 level during the European session, its first trades above the psychologically-important 50000 figure since mid-May. Traders observe the interday high of 50505 represented a test of the 38.2% retracement of the appreciating range from 32200 to 61788.45. Recent buying activity from the 48118.86 and 48287.98 areas propelled BTC/USD to multi-month highs, with the 48118 level related to upward pressure that emerged around the 3858 level last year.
Traders are paying attention to additional upside price retracement levels including the 51109, 52608, and 53259 areas. Following the pair’s recent advances above the 50000 figure, downside retracement levels and areas of potential technical support include the 47388, 45500, 43902, 42405, 40416, 40125, and 39903 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 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 47254.18 and the 50-bar MA (Hourly) at 49376.46.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 50505/ 51569.56/ 64899 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.