Bitcoin (BTC/USD) had a weaker bias early in the Asian session as the pair drifted lower below the 49000 figure after trading as high as the 49499 level, representing a test of the 76.4% retracement of the recent depreciating range from 49821.92 to 48650.03. The narrow range evidences decreased market liquidity and a pause before a potential move higher towards the psychologically-important 50000 figure. Stops were elected above the 46849.50 area, representing the 50% retracement of the depreciating range from 64899 to 28800. Additional Stops were elected above the 48287.98 level, representing the 61.8% retracement of the depreciating range from 59592.20 to 30000. Additional upside retracement levels in these ranges include the 51109, 52608, and 53259 levels.
Stops were recently elected below the 45945.44, 45418.91, 44767.43, and 44669.26 areas during the pullback, representing the 50%, 61.8%, 76.4%, and 78.6% retracements of the appreciating range from 43714.36 to 48176.52. 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 46829.45 and the 50-bar MA (Hourly) at 48958.37.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 49821.92/ 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.
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.
Credit: Source link