Bitcoin (BTC/USD) remained severely pressured early in today’s Asian session as the pair continues to recover after recently trading as low as the 40505.30 area, its weakest print year-to-date and since September 2021. 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 selling pressure increased around the 48574 and 47076 areas. A print around the 42432.99 level 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, 42544.70, 42497.20, 41919.46, and 41583.39 levels. If BTC/USD extends its recent depreciation, additional downside price objectives include the 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 44936.82 and the 50-bar MA (Hourly) at 41818.59.
Technical Support is expected around 39514.35/ 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 Bullishly above SlowD while MACD is Bullishly above 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.
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