Bitcoin (BTC/USD) extended its recent weakness early in today’s Asian session as the pair worked to regain some lost ground following a multi-day low of 45514 after Stops were elected below the 45650 area. The pair depreciated to that relative low after peaking around the 47532.89 area, representing a test of the 200-hour simple moving average. Additional selling pressure later emerged around the 50-hour simple moving average, highlighting the technical nature of the pair’s ongoing relative weakness. Traders are monitoring the December appreciating range from 42333 to 52100, observing BTC/USD may test the 44638.01 and 44423.14 levels if recent technical support around the 45650 area gives way. These levels represent the 76.4% and 78.6% retracements of the December climb to the 52100 level, and if they are broken they could lead to a test of the December monthly low.
Above recent price activity, traders are carefully monitoring retracement levels related to the recent depreciating range from 52100 to 45650, including the 48113, 48875, 49636, 50577, and 50719 levels. Stops were recently elected below the 50535.16, 49567.08, 48784.66, 48002.24, 47034.16, and 46888.29 areas during the pullback, representing the 23.6%, 38.2%, 50%, 61.8%, 76.4%, and 78.6% retracements of the recent appreciating range from 45469.32 to 52100. Selling pressure commenced around the 59114.84 level in late 2021 and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 47283.19 and the 50-bar MA (Hourly) at 46576.74.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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 Bullishly above 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.