Bitcoin (BTC/USD) remained pressured early in today’s Asian session as traders continued to reduce long exposure on account of the ongoing negative technical sentiment that recently saw the pair print at a multi-month low of 28800. During a brief rebound late last week, traders tested the 35500 level but were unable to sustain the move higher. Stops were recently elected below a series of downside price objectives, including the 31676.16, 30950.63, and 30029.66 areas. Additional downside price objectives include 26980.02, 23052.90, and 22103.23 areas.
Traders anticipate large Stops below the 28747.28 level, and their election could open a test of major technical support around the 27706, 27317, 27175, 26593, and 26235 areas. Market sentiment remains bearish, and this current dynamic also has technicians focusing on the 25136 and 24200 areas. Traders are paying attention to areas of potential technical resistance during rebounds higher including the 35679, 36424, and 37006 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 33808.44 and the 100-bar MA (Hourly) at 33073.21.
Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 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.
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.