Bitcoin (BTC/USD) extended its recent downturn early in the Asian session as the pair was unable to sustain a recent move higher that peaked around the 39730.50 area, representing a test of the 38.2% retracement of the recent depreciating range from 41909.42 to 38577.01. Traders are paying very close attention to price activity as BTC/USD orbits the 39394 area, representing the 50% retracement of the appreciating range from 32933.33 to 45855. Similarly, the 39548 area represents the 50% retracement of the depreciating range from 44775.96 to 34322.
Traders recently drove BTC/USD low enough to absorb two downside price objectives around the 40670 and 39211 levels that are related to selling pressure around the 45426 and 44046 areas. Following the recent move higher, areas of potential technical support and buying pressure include the 38316, 38110, 37869, 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 bullishly indicating above 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 100-bar MA (4-hourly) at 39848.42 and the 50-bar MA (Hourly) at 39889.55.
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 Bullishly above SlowD while MACD is Bearishly below 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-unable-to-sustain-test-of-key-retracement-levels-sally-ho-technical-analysis-7-march-2022-btc-bitcoin