Bitcoin (BTC/USD) notched gains early in the North American session as the pair appreciated to the 56789.13 level after recently trading as low as the 54112.95 level, with that low representing a test of the 100-hour simple moving average. Stops were elected above the 56379.64 level during the ascent to multi-month highs dating to May, an area that represents the 76.4% retracement of the depreciating range from 64899 to 28800. The recent high was also a test of the 57173.81 level, representing the 78.6% retracement of the same depreciating range.
Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 52732, 50222, 48194, 46166, 43656, and 43278 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 52502.93 and the 50-bar MA (Hourly) at 55165.29.
Technical Support is expected around 39600/ 37401.27/ 34881.40 with Stops expected below.
Technical Resistance is expected around 57173.81/ 58491.15/ 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 Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.