Bitcoin (BTC/USD) remained on the defensive early in today’s Asian session as the pair has failed to gain traction above the 40255 level, representing the 38.2% retracement of the depreciating range from 52100 to 32933.33. Technicians observe that the 38832.71 area represents a downside price objective related to selling pressure around the 69000 and 52100 areas. Buying pressure recently emerged around the 36657 area, representing a test of the 38.2% retracement of the recent appreciating range from 32933.33 to 38960. Areas of technical resistance and potential selling pressure include the 40023, 40842, 41583, 41856, 42544, 43132, 43211, 43778, 44655, 45213, 46219, 46487, 46600, 47726, and 48135 levels.
One downside price objective related to selling pressure around the 52100 and 47076.55 levels is the 28625.93 area. Stops are likely in place below the 31639.47 area, a downside price objective related to selling pressure that intensified around the 57670.68 area. Additional downside price objectives include the 29514, 27721, 25839, and 25217 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 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 37590.43 and the 200-bar MA (Hourly) at 37556.87.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 41583.39/ 42544.70/ 44655.08 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 Bearishly below 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/2022/02/btc-usd-bears-extend-their-sway-sally-ho-technical-analysis-5-february-2022-btc-bitcoin