December 7, 2023

Bitcoin (BTC/USD) met extra selling pressure early it Asian session as a couple weakened in the 22392.88 level after encountering extra technical resistance around 23650.96 area, with the intraday low which represents a test from 76.4% reversal from estimating the range from 18892 to 33754.37. Stops were elected under the 22698.51 area, representing the 50% reversal from estimating the range from 20723.01 to 24674.01. The 23741.57 area represents another technically important area in it estimating the range. BTC/USD was in defensive from the beginning of the following August Gains of 15.3% in July and one 66.7% withdrawal until the end of July. The recent move higher in the 24666 area was a test from 24558.33 levelwhich represents the 50% reversal from amortization range from 31549.21 to 17567.45.

Additional upward reset levels in this amortization range include the 26208, 28249and 28557 regions. Additional bullish price targets and potential areas sales pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 regions. Below recent price activity, likely technical assistance and its regions buying pressure include the, 22582, 22141, 21596, 20446, 19852and 19762 levels. Additional important technique areas in disadvantage include the 16990.14, 14500.15and 10432.73 regions. Traders note that the 50-bar MA (4 hours) is pointing upwards above The 100 bar MA (4 hours) and over The 200-bar MA (4 hours). Also the 50-bar MA (hourly) is boring indicating below The 100-bar MA (hourly) and below The 200-bar MA (hourly).

Price action is closer to 50-bar MA (4 hours) at 22392.40 and 50-bar MA (Hourly) at 23025.48.

Technical assistance expected around 16990.14/ 14500.15/ 10432.73 with It stops expected below.

Technical Resistance expected around 25256.96/ 27455.20/ 32383.96 with It stops expected above.

On 4 hours chart, SlowK is Upward above SlowD while MACD is Bullish above the MACDA average.

On 60 minutes chart, SlowK is Drops below SlowD while MACD is Bullish above the MACDA average.

Disclaimer: This trading analysis is provided by a third party and is 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 link

Leave a Reply

Your email address will not be published. Required fields are marked *