Bitcoin (BTC/USD) extended its recent pullback early in the Asian session as the pair plumbed recent lows following selling pressure that intensified around the 26731 and 26526 levels. Stops were elected below the 26297.92 area during the depreciation, a downside price objective associated with selling pressure that strengthened around the 26638.40 area. Traders knocked BTC/USD lower to the 25983.78 area during the selloff, representing a test of a downside price objective related to recent downward pressure around the 27108 and 26795 levels. Bearish technical risk is increasing and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.
Further below the market, Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas. Above current price activity, areas of technical resistance and potential selling pressure include the 26795, 26929, 27064, 27230, and 27255 levels. Three key levels that technicians continue to monitor include the 29514, 23438, and 20195 levels, areas related to selling pressure around the 69000, 59249, and 52100 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 26272.33 and the 50-bar MA (Hourly) at 26432.71.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Sally Ho’s Technical Analysis
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Disclaimer: Sally Ho’s Technical 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.