Bitcoin (BTC/USD) remained weak early in the Asian session as the pair depreciated to the 46506.98 level after trading as high as the 49365.10 area during yesterday’s Asian session, with the interday high representing a test of the 61.8% retracement of the depreciating range from 49821.92 to 48650.03. The pair traded as low as the 46315.48 area during the North American session, representing a test of the 38.2% retracement of the appreciating range from 42505.02 to 48912. Stops were recently elected above the 48813.51 area during the ascent, representing the 50% retracement of the recent depreciating range from 50505 to 47122. BTC/USD recently traded as high as the 50505 level, its first trades above the psychologically-important 50000 figure since mid-May.
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 bearishly indicating below the 100-bar MA (4-hourly) and below 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 100-bar MA (4-hourly) at 47033.55 and the 50-bar MA (Hourly) at 47927.20.
Technical Support is expected around 42405.29/ 39903.28/ 37401.27 with Stops expected below.
Technical Resistance is expected around 50505/ 51569.56/ 64899 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.