Bitcoin (BTC/USD) extended its recent weakness early in the Asian session as the pair continued to fade below the 40000 figure after peaking around the 40817.16 area, representing a test of the 50% retracement of the recent depreciating range from 43109.47 to 38210.24. Buying pressure recently slowed after BTC/USD tested the 40829.74 area, right around the 50% retracement of the appreciating range from 38550 to 43109.47. Stops were elected above the 39366, 39525, 39626, 40081, 40291, and 40659 areas, upside retracement levels related to recent buying pressure around the 38550 and 38210.24 levels. Upside technical resistance and areas of potential selling pressure include the 43380, 43564, and 44000 levels.
Additional downside price objectives include the 38062, 37958, 37450, 37151, 37032, 36940, 36302, and 35995 levels. Recent price activity has seen BTC/USD trade below the 38780.48 area, a level that represents the 61.8% retracement of the appreciating range from 32933.33 to 48240. This relative low was also below the 39600 area, an upside price objective related to historical buying pressure that emerged around the 29301.56 area. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 40263.02 and the 50-bar MA (Hourly) at 39374.39.
Technical Support is expected around 37450.29/ 37032.81/ 36302.56 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 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/2022/04/btc-usd-plumbs-new-lows-below-40000-sally-ho-technical-analysis-28-april-2022-btc-bitcoin