Bitcoin (BTC / USD) extended its recent decline at the beginning of the Asian session when the pair rose to 44083.98 after trading at 46223.95 during yesterday’s Asian session, giving a correction test of 76.4% from an intraday low, i.e. 42505.02 to 48912. Stops were selected in response to a 61.8% correction in the December increase range from 41509 to 48912, below the 448888.08 area, below the previous technical support level and below the 44336.95 level. The recent move towards monthly highs accelerated after decelerating the area of 44796.10, a level where the 50% depreciation correction ranged from 59592.20 to 30000.
The next reverse correction levels in this depreciation range are 48287.98, 52608.44, and 53259.47. After months of moving to high levels, downward correction levels and potential technical support areas 42608.06, 40065.19, 38010, 35954.81, 33411.94, and 33028.77. Traders note that the 50-bar average (4 hours) is rising above the 100-bar average (4 hours) and above the 200-bar average (4 hours). In addition, it indicates that the 200 bar average (per hour) is above the 100 bar average (per hour) and the 200 bar average (per hour) at October.
Price activity is closest to the 50 bar average (4 hours) at 43456.71 and the 200 bar average (hours) at 43355.62.
Technical support expected in the region 28747.28/ 27706.27/ 27175.66 you’d expect that to happen with the stops below.
Technical resistance expected to be close 48287.98/ 51569.56/ 64899 with stops expected above.
On the 4-hour chart, SlowK is below slow, while MACD is below the Macda average.
On the 60-minute chart, SlowK is below the slow one, while MACD is below the Macda average.
DISCLAIMER: This trade analysis is intended by a third party and for informational purposes
