• The BTC/USD pair failed to sustain a break of 30407, representing the 38.2% retracement of the recent depreciating range from 31525.10 to 29715.87.
• Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas.
• Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below and Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
BTC/USD Bears Slowed by 30142
Bitcoin (BTC/USD) continued to face bearish sentiment in the Asian session as it failed to maintain a break of the 30407 level which represents the 38.2% retracement of the recent depreciating range from 31525.10 to 29715.87 . Selling activity then reversed when it reached the 30148.60 area which stands for a test of 23.6% retracement . If further selling pressure intensifies there could be another test of 29427 which stands for 38..2% retracemen t of broader appreciating range from 26165 .98 to 31443 .67 . Additionally, 28604 .83 will act as 50 % retracemen t if that happens . Upward price objectives include 31737 , 32125 , and 33569 areas while stops are placed above them at 31674 , 32043 , 34531 , and 34658 areas respectively .
Areas Of Support & Buying Pressure
Potential technical support & buying pressure can be seen in areas such as 29427 , 28886 , 28804 , 28182 , 28096 , and 27306 regions . A close watch must be kept on 28095 .44 area which holds 23 .6 % retracemen t of historical depreciating range from 69000 to 15460 for further analysis on this matter..
Moving Average Indicators
The 50-bar MA (4-hourly) indicates bullishness over both 100-bar MA (4-hourly) & 200 – bar MA (4-hourly). On contrary, 50 – bar MA (hourly) indicates bearishness below 100 – bar MA (Hourly) & 200 – bar MA (Hourly). Currently BTC / USD is closest to 100 – bar MA (4 – hourly ) at 30422 ..49 & 50 – Bar MA (Hourly) at 30234 .. 43 respectively
SlowK & SlowD Indicators
On 4- Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage and similarly on 60-minute chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage too
Disclaimer
Sally Ho’s Technical Analysis should not be used as legal, tax, investment or financial advice but rather taken into consideration only as an informative source for cryptocurrency trading activities