Bitcoin (BTC/USD) awaited fresh technical sentiment early in today’s Asian session of the second trading day of 2022 as the pair continues to face some upside technical resistance following its recent depreciation from the 52100 level. Stops were recently elected above the 47392.57 and 48292.16 levels during BTC/USD’s recent gains, representing the 23.6% and 38.2% retracements of the depreciating range from 52100 to 45938.44. Some profit-taking and selling pressure finally emerged around the 48550 level, representing a test of the 100-hour simple moving average. Additional upside retracement levels in the recent depreciating range from the 52100 level include the 49019, 49746, 50645, and 50781 levels. Trading in 2021 was quite volatile as BTC/USD closed 2021 with approximately a 62% y/y appreciation despite a depreciation of approximately 18% in December alone. BTC/USD opened 2021 around the 29373 level, and this was essentially the pair’s weakest print last year other than a sharp depreciation to the 28800 level in June.
Stops were recently elected below the 50535.16, 49567.08, 48784.66, 48002.24, 47034.16, and 46888.29 areas during the pullback, representing the 23.6%, 38.2%, 50%, 61.8%, 76.4%, and 78.6% retracements of the recent appreciating range from 45469.32 to 52100. Selling pressure commenced around the 59114.84 level in late 2021 and many Stops were elected below downside price objectives during the selling pressure, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, and 44667 levels. Following the pair’s recent volatility, upside retracement levels and areas of potential technical resistance include the 52706.65, 55157.38, and 55526.67 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 48375.55 and the 50-bar MA (Hourly) at 47345.14.
Technical Support is expected around 42151.91/ 38670.39/ 35734.12 with Stops expected below.
Technical Resistance is expected around 53046.01/ 55157.38/ 55526.67 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.