Bitcoin (BTC/USD) extended its recent technical trading patterns early in the Asian session as the pair encountered bids above the 46415.48 level, an area that represents the 23.6% retracement of the recent appreciating range from 40509 to 48240. Minor Stops were elected below the 46712.32 area during the pullback from recent 2022 highs, representing the 23.6% retracement of the narrower appreciating range from 41766.79 to 48240. Strong Stops were elected above the 46710.80, 47076.55, 47726.76, and 48135.51 levels during the acute appreciation, upside retracement levels related to selling pressure that strengthened around the 69000, 52100, and 57670.68 areas. 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 45625, 45003, 44008, 43001, and 42700 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 bullishly indicating above the 100-bar MA (4-hourly) and above 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 44591.34 and the 50-bar MA (Hourly) at 47434.62.
Technical Support is expected around 45003.50/ 43001.25/ 41383.00 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/2022/03/btc-usd-supported-by-technical-bids-on-pullback-sally-ho-technical-analysis-31-march-2022-btc-bitcoin