Bitcoin (BTC/USD) was a little pressured early in the Asian session as the pair worked to reclaim the 49000 figure following recent buying pressure that saw the pair trade as high as the 49309.83 level during yesterday’s Asian session. Traders observe BTC/USD’s interday high was right around the 38.2% retracement of the broad appreciating range from 29156 to 61788.45. Also, the low during the European session was right around the 38.2% retracement of the depreciating range from 52666 to 46219.32. 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 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 48525.19 and the 200-bar MA (Hourly) at 48533.79.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.