Bitcoin (BTC/USD) regained some lost ground early in the Asian session as the pair appreciated to the 33125.55 level after trading as low as the 31600 level during the European session, with the intraday high representing a test of the 23.6% retracement of the recent depreciating range from 34670 to 32665, and a test of the 50% retracement of the depreciating range from 34670 to 31600. The interday low represented the weakest print since late June, and traders are closely watching how BTC/USD trades around the 31755.32 area, representing the 23.6% retracement of the depreciating range from 41322.55 to 28800.
Traders recently lifted BTC/USD to the 34670 area after Stops were elected above the 34484.12 area, representing the 61.8% retracement of the recent depreciating range from 35951 to 32111. Buying pressure recently emerged around the 33027.83 area, representing a test of the 23.6% retracement of the same depreciating range. Traders observe BTC/USD continues to be offered below the 38236.16 area, a level that represents the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000. 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 33410.63 and the 50-bar MA (Hourly) at 32667.98.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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, nor is it intended to be used as legal, tax, investment, or financial advice.
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