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Bitcoin (BTC/USD) weakened early in the Asian session as the pair depreciated to the 57800 area after trading as high as the 59752 level during the European session, with the interday high representing a test of the 76.4% retracement of the depreciating range from 61788.45 to 53221.  Some Stops were elected below the 58114.14 level during the pullback, representing the 23.6% retracement of the appreciating range from 46219.32 to 61788.45.  Recent buying pressure pushed BTC/USD above the 5216654003, and 55841 areas, representing the 61.8%50%, and 38.2% retracements of the appreciating range from 46219.32 to 61788.45.   If BTC/USD extends recent gains, additional upside price objectives include the 62026.5263788.1764436.39, and 64835.59 levels

Stops were recently elected below the 52402521665210751997, and 50485 levels during the depreciation.  Following the recent weakness, some downside levels of potential technical support include 5018749962495514932248972, and 48634.  Traders have lifted BTC/USD more than 90% year-to-date, pushing the pair as high as the 61788.45 level, a fresh all-time high.  Stops were recently elected above some important upside price objectives including the 58896.8059792.5460069.0460368.1460522.13, and 61065.64 areas, targets related to buying pressure from the 162001758021913.84, and 9819.83 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 57653.93 and the 100-bar MA (Hourly) at 58963.35.

Technical Support is expected around 50187/ 49962/ 49551 with Stops expected below.

Technical Resistance is expected around 62026.52/ 63788.17/ 64436.39 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.                                                                                                                                      

Source: CryptoDaily

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