Bitcoin (BTC/USD) remained very pressured early in today’s Asian session as the pair continued to react to negative technical sentiment that has recently resulted in the weakest print since 30 September 2020. Following BTC/USD’s peak around the 52100 level in late December, a series of lower highs and lower lows led to a significant reduction in risk tolerance and a weakening to the 42432.99 level. This print represented a test of the 42544.70 area, a downside price objective related to recent selling pressure around the 59249.77 area, and a test of the 42497.20 downside price objective that is related to recent selling pressure around the 52100 level.
Stops were recently elected below a series of downside price objectives including the 46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, and 42544.70 levels. If BTC/USD extends its recent depreciation, additional downside price objectives include the 41919, 41583, 41027, 40921, 40842, 40362, 40230, 39514, 38832, 38602, 37782, 37593, 37426, 37119, and 35626 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 46795.94 and the 50-bar MA (Hourly) at 45907.14.
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 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.