Bitcoin (BTC/USD) traded around a technical level early in the Asian session as the pair tested the 43060.80 area, representing the 38.2% retracement of the recent appreciating range from 39600 to 45200. Traders observe technical resistance around the 44697.77 area, representing the 38.2% retracement of the depreciating range from 52944.96 to 39600, with additional upside retracement areas around the 46272, 47847, 49795, and 50089 levels. BTC/USD lost approximately 9% in September, and remains up more than 47% year-to-date.
Following the recent selling pressure, upside retracement levels and areas of potential technical resistance include 43994, 44889, 45997, and 46164 levels. 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 42823.21 and the 50-bar MA (Hourly) at 42290.97.
Technical Support is expected around 39600/ 37401.27/ 34881.40 with Stops expected below.
Technical Resistance is expected around 53025.00/ 54088.38/ 55841.04 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 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 Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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