Bitcoin (BTC/USD) remained volatile early in the Asian session as the pair continued to orbit the 45000 figure after sharply depreciating to the 44411 area from the 47200 level, with that selling pressure intensifying just below the 76.4% retracement of the depreciating range from 48240 to 44232.86. Significant Stops were also elected below the 45178.55 area, representing the 23.6% retracement of the same depreciating range. Large Stops were also elected below the 44996.68 and 44925.48 levels, representing the 76.4% and 78.6% retracement levels of the recent appreciating range from 44232.86 to 47469.40.
BTC/USD recently traded at a 2022 high around the 48240 area before ceding some gains. Additional upside price retracement levels that traders are closely monitoring include the 48574, 49774, 50362, 50636, and 50966 levels. Following the recent move higher, areas of potential technical support and buying pressure include the 45625, 45003, 44008, 43001, and 42700 areas. Areas of potential technical resistance and selling pressure include the 50966, 55222, 60488, and 61281 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 below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 45039.92 and the 200-bar MA (Hourly) at 46116.41.
Technical Support is expected around 44232.86/ 43001.25/ 41383.00 with Stops expected below.
Technical Resistance is expected around 48574.70/ 50966.67/ 51595.38 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.
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/2022/04/btc-usd-stops-triggered-during-quick-pullback-sally-ho-technical-analysis-7-april-2022-btc-bitcoin