Bitcoin (BTC/USD) attempted to resume its recent upward trajectory early in the Asian session as the pair orbited the 24395.74 level, representing the 23.6% retracement of the recent appreciating range from 22666.23 to 24929.99. Traders lifted BTC/USD higher to the 24898.91 area before profit-taking tested some short-term technical support. BTC/USD bulls are looking for a sustained break above the 23522.69 area, a level that represents the 78.6% retracement of the depreciating range from 24287.13 to 20715. Upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas.
Additional upside price objectives and areas of potential selling pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Below recent price activity, possible technical support and areas of buying pressure include the 22582, 22141, 21596, 20446, 19852, and 19762 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Traders areobservingthat the50-bar MA (4-hourly)isbullishly indicating above the 100-bar MA (4-hourly)andabove the200-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 the50-bar MA(4-hourly) at 23647.52 and the50-bar MA(Hourly) at 24241.69.
Technical Supportis expected around16990.14/ 14500.15/ 10432.73 withStopsexpected below.
Technical Resistanceis expected around25256.96/ 27455.20/ 32383.96 withStopsexpected above.
On4-Hourlychart,SlowKis Bearishly below SlowDwhileMACDis Bullishly above MACDAverage.
On60-minutechart,SlowKis Bearishly below SlowDwhileMACDisBearishly 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.