Bitcoin (BTC/USD) sought to add to recent gains early in the Asian session following strong performance in July that saw the pair gain 18.5% last month, and more than 43% year-to-date. Stops were recently elected above the 42311.77 level during the appreciation to multi-week highs, an area that represents the 50% retracement of the depreciating range from 58359.53 to 26264. Recent buying pressure has seen BTC/USD test the 38182.30 area, representing the 23.6% retracement of the recent appreciating range from 29301.56 to 40925.56.
Above recent areas of technical significance, additional upside retracement levels include the 43016, 43549.50, 44017.07, 44336.95, and 45708.51 areas. Following the recent ascent to multi-week highs, downside price retracement levels include 39319.93, 37405.42, 35858.09, 34310.75, and 32396.24. 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 37707.25 and the 50-bar MA (Hourly) at 40284.27.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 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.
* This article was originally published here
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