Bitcoin (BTC/USD) worked to extend its recent gains early in the Asian session as the pair printed as high as the 39506.91 level in the European session after recently trading as low as the 38000 figure, its weakest level since early February and also a test of the 61.8% retracement of the appreciating range from 32933.33 to 45855. The pair continues to orbit the 39394 level, representing the 50% retracement of this appreciating range, and additional upside retracement levels include the 40918 and 42805 levels. Additional downside retracement levels in this appreciating range include the 35982 and 35698 areas.
Traders are also monitoring the recent depreciating ranges from the 44775 and 40990 areas, and associated short-term retracement levels and technical hurdles include the 39495, 39599, and 39848 areas. Following the recent acute selling pressure, areas of technical resistance and potential selling pressure include the 41458, 42298, 42977, 43656, 44496, and 44623 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly 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 200-bar MA (4-hourly) at 40004.88 and the 50-bar MA (Hourly) at 39279.62.
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 Bullishly above 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/2022/02/btc-usd-eyeing-40588-on-recovery-sally-ho-technical-analysis-22-february-2022-btc-bitcoin