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Bitcoin (BTC/USD) ceded a relatively small amount of recent weekly gains early in the Asian session as the pair continued to orbit the 47000 figure after trading as high as the 48240 level, its strongest print in 2022. Strong Stops were elected above the 46710.80, 47076.55, 47726.76, and 48135.51 levels during the acute appreciation, upside retracement levels related to selling pressure that strengthened around the 69000, 52100, and 57670.68 areas. Additional upside price retracement levels that traders are closely monitoring include the 48574, 49774, 50362, 50636, and 50966 levels.
Following the recent move higher, areas of potential technical support and buying pressure include the 45625, 45003, 44008, 43001, and 42700 areas. Areas of potential technical resistance and selling pressure include the 50966, 55222, 60488, and 61281 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 43961.07 and the 50-bar MA (Hourly) at 46394.20.
Technical Support is expected around 45003.50/ 43001.25/ 41383.00 with Stops expected below.
Technical Resistance is expected around 48574.70/ 50966.67/ 51595.38 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above 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.