Bitcoin (BTC/USD) added to recent modest gains above the 31000 figure early in the Asian session as the pair reached the 31572.33 area, representing a test of the 76.4% retracement of the depreciating range from 32383.96 to 29308.01. This recent move to multi-day highs also represented a test of the 61.8% retracement of the appreciating range from 14310 to 61788.45. Stops were recently elected above the 31324.25 area, representing the 76.4% retracement of the appreciating range from 21913.84 to 61788.45. If BTC/USD continues its upward trajectory, additional areas of potential technical resistance include the 32446, 32823, 33310, 33479, 33714, 34272, and 34467 levels. Before the recent upswing, recent move to relative lows opened up possible tests of additional short-term technical support around the 27661, 26773, and 26639 levels.
Stops have been elected below many downside price objectives during the ongoing weakness, including the 30435, 29645, 28927, and 28426 areas, downside price objectives related to selling pressure that intensified around the 47469, 47200, and 48240 areas. If BTC/USD resumes its depreciation, traders are eyeing additional downside price objectives around the 25142, 24365, and 21074 areas. Significant selling pressure hastened around the 31717, 31364, and 31289 areas, upside technical price objectives and retracement levels related to historical buying pressure around the 3858 area. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 200-bar MA (4-hourly) at 30894.31 and the 200-bar MA (Hourly) at 30350.17.
Technical Support is expected around 24365.11/ 21074.87/ 20495.33 with Stops expected below.
Technical Resistance is expected around 40100.93/ 41570.88/ 43443.32 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/2022/06/btc-usd-tries-to-rally-above-31000-sally-ho-technical-analysis-7-june-2022-btc-bitcoin