Bitcoin (BTC/USD) worked to retain its strong showing early in the Asian session as traders continued to add to recent long positions, adding to the pair’s climb in August. Traders recently lifted BTC/USD from the 43899.75 level, an area that represented a test of the 78.6% retracement of the appreciating range from 42505.02 to 48912. Stops were recently elected below the 44888.08 area, a previous technical support level, and also below the 44336.95 level, representing the 61.8% retracement of the appreciating range from 41509 to 48912. The recent move to multi-month highs accelerated after Stops were elected above the 44796.10 area, a level that represents the 50% retracement of the depreciating range from 59592.20 to 30000.
The next upside retracement levels in this depreciating range include 48287.98, 52608.44, and 53259.47. Following the recent move to multi-month highs, downside retracement levels and areas of potential technical support include 42608.06, 40065.19, 38010, 35954.81, 33411.94, and 33028.77. 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 200-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 43456.71 and the 200-bar MA (Hourly) at 43355.62.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 48287.98/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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.
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