Bitcoin (BTC/USD) sought new technical direction early in the Asian session as the pair bounced higher after trading as low as the 38577.01 level, representing a test of the 61.8% retracement of the appreciating range from 34322 to 45426.45. Selling pressure recently intensified around the 44096.45 area, a level that represented a test of the 78.6% retracement of the broader depreciating range from 45855 to 36350, and also represented a test of the narrower recent trading range from 45426.45 to 42937.73. Additional selling activity strengthened around the 42719.90 area, representing a test of the 23.6% retracement of the depreciating range from 45426.45 to 41818.89.
Traders drove BTC/USD low enough to absorb two downside price objectives around the 40670 and 39211 levels that are related to selling pressure around the 45426 and 44046 areas. Following the recent move higher, areas of potential technical support and buying pressure include the 38110, 36662, and 36444 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 40013.58 and the 200-bar MA (Hourly) at 40929.11.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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.
Source: https://cryptodaily.co.uk/2022/03/btc-usd-tests-38563-technical-support-sally-ho-technical-analysis-6-march-2022-btc-bitcoin