Bitcoin (BTC/USD) attempted to reverse recent negative sentiment early in the Asian session as the pair orbited the psychologically-important 40000 figure after trading as low as the 39204.59 level, an area that is right around the 61.8% retracement of the appreciating range from 37161.88 to 42597.84. Stops were recently elected below the 39776.32 and 39532.60 levels, representing the 76.4% and 78.6% retracements of the broader appreciating range from 37161.88 to 48240. Additional downside retracement levels include the 38780.48, 36545.70, and 36208.96 levels, technically significant areas related to the appreciating range from 32933.33 to 48240.
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 38832, 38670, 37797, 37119, and 35626 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 bearishly indicating below 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 42988.43 and the 50-bar MA (Hourly) at 41453.31.
Technical Support is expected around 38670.39/ 37797.03/ 34190.77 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 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/2022/04/btc-usd-orbiting-40000-after-pullback-sally-ho-technical-analysis-13-april-2022-btc-bitcoin