“Bitcoin (BTC/USD) sought to add to recent gains early in the North American session as the pair continued to benefit from positive technical sentiment, following several tests of the 200-hour simple moving average. Traders pushed BTC/USD back above the 58000 figure for the first time since May during yesterday’s Asian session, a move that accelerated after Stops were elected above a recent high around the 57833.23 area. Additional upside price objectives include the 58440, 58847, 59592, and 59720 levels. Significant Stops are likely in place above the 61788.45 area.
Stops were elected below some price retracement levels during the pullback, including the 56782, 56131, 55606, 55080, 54430, and 54381 levels, technical areas related to recent appreciations from the 53379 and 54381 levels. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56509, 55911, 55314, 54574, 53530, 50868, 48716, 46565, 43903, and 43501 levels. 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 50-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 55214.27 and the 50-bar MA (Hourly) at 56390.26.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 58947.83/ 61788.45/ 64899 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.”
Source: Crypto Daily™