Bitcoin (BTC/USD) worked to reclaim more lost ground early in the Asian session as the pair spiked higher to the 41717.67 area after finding a strong bid around the 39095.44 area, right around the 23.6% retracement of the recent depreciating range from 45426.45 to 37161.88. Stops were elected above the 40079.12, 40673.54, 41409, and 41519.83 levels during the move higher, retracement levels related to the depreciating range from 42597.84 to 37560.40. Traders are monitoring additional retracement levels related to selling pressure that commenced around the 45855, 45426, and 44096 levels, including the 42308, 42459, 42538, 42612, 43133, 43386, 43476, and 43657 areas.
Following the recent move higher, areas of potential technical support and buying pressure include the 37043, 36942, 36789, 36698, 36662, 36444, and 35698 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 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 bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 39318.34 and the 200-bar MA (Hourly) at 39305.73.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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/2022/03/btc-usd-spikes-higher-and-clears-stops-above-41449-sally-ho-technical-analysis-17-march-2022-btc-bitcoin