Bitcoin (BTC/USD) encountered additional bearish momentum early in the Asian session as the pair continued to depreciate following major selling pressure that began around the 27500 area and intensified around the 27393, 27304, 27108, and 26795 levels. Stops were elected below many downside price objectives related to these levels including the 26795, 26750, 26726, 26677, 26603, 26586, 26549, 26387, and 26368 areas. Related additional downside price objectives include the 26286, 26204, 26101, 26059, and 25990 areas. A pause to the selling pressure emerged around the 26359.70 area, right around the 200-bar, 4-hour simple moving average.
Below price activity, Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area. Large Stops are cited below the 26286 and 25668 areas. Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas. 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 26666.21 and the 200-bar MA (Hourly) at 26858.27.
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 Bearishly below MACDAverage.
Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis
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.