Bitcoin (BTC/USD) attempted to add to its recent upside progress early in today’s Asian session as the pair recovered to the 36886.83 level after trading as low as the 35530.07 area during yesterday’s Asian session, with the interday low representing a test of the 61.8% retracement of the recent appreciating range from 32933.33 to 38960. Some Stops were elected above the 37456.66 area during the climb higher, an upside retracement level that represents the 23.6% retracement of the recent depreciating range from 52100 to 32933.33. Additional upside retracement levels in this range include the 40255, 42516, 44778, 47576, and 47998 areas. Another downside price objective related to selling pressure around the 52100 and 47076.55 levels is the 28625.93 area.
Stops are likely in place below the 31639.47 area, a downside price objective related to selling pressure that intensified around the 57670.68 area. Additional downside price objectives include the 29514, 27721, 25839, and 25217 levels. If BTC/USD recovers from its recent selling pressure, upside price resistance and areas of potential selling pressure include the 36974, 37456, 38222, 39144, 39470, and 40255 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 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 37572.41 and the 50-bar MA (Hourly) at 37022.89.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 41583.39/ 42544.70/ 44655.08 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.