“Bitcoin (BTC/USD) slumped early in today’s Asian session as the pair depreciated to the 32132.11 area after trading as high as the 34550 area during the European session, with the interday high representing a test of the 38.2% retracement of the depreciating range from 40440.95 to 31004.95. Traders drove BTC/USD as low as the 31700 area during the European session as market sentiment continues to remain bearish. Potential areas of technical support include the 29156, 28747, 28387, 27706, 27317, 27175, 26621, and 26249 levels.
Many technical support levels related to broader historic ranges also gave way during the recent acute move lower including the 51375, 51245, 50527, 48478, 47698, 47136, 41581, 40303, and 39604 areas. Upside retracement levels and areas of potential technical resistance include the 41304, 43331, 44796, 47449, 48287, and 51567 levels. Traders are observing the 41304.22 level as potential technical resistance, representing the 38.2% retracement of the recent depreciating range from 59592.20 to 30000. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 36553.44 and the 50-bar MA (Hourly) at 34592.10.
Technical Support is expected around 29156/ 28747.28/ 27706.27 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 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.”
Source: Crypto Daily™