BTC/USD Bears Eyeing 29514: Technical Analysis By Sally Ho

Date:

Bitcoin (BTC/USD) extended its massive selloff early in today’s Asian session. It is as the pair remained on the defensive around the 35000 figure after recently trading as low as the 34017.56 area. This is the weakest print since late July.

Bears are gunning for the 38670.39 and 37797.03 levels. They are representing the 76.4% and 78.6% retracements of a historical appreciating range from 29301.56 to 69000. The sizable Stops are expected below both areas. 

The tops were recently elected below the 40921, 40842, 40362, 40230, 38832, 38602, 37782, 37593, 37426, and 37119 levels during BTC’s sharp depreciation.  

If BTC/USD extends its recent weakness, additional downside price objectives include the 33724, 33208, 33069, 32894, 31639, and 29514 levels.

Previous buying activity saw BTC/USD escalate to the 41438.87 level, representing a test of the 38.2% retracement of the appreciating range from 39650 to 44453.22 area.  

Stops were also recently below a series of downside price objectives including:

46219.09, 45864.66, 45807.18, 44655.08, 44763.46, 43863.32, 43211.49, 43132.91, 42544.70, 42497.20, 41919.46, and 41583.39 levels. 

Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below 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 50-bar MA (4-hourly) at 42143.82 and the 50-bar MA (Hourly) at 38569.81. Further, technical Support is going to be around 33069.10/ 31639.47/ 29514.02 with Stops we are mentioning below.

On the 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On the 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                                                                                                 

Leave A Reply

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Michael Saylor Urges Companies to Replace Bonds with Bitcoin

Michael Saylor, Co-founder and Chairman of MicroStrategy, has once...

Italy’s Intesa Sanpaolo Makes Historic €1M Bitcoin Investment

Italy's largest bank, Intesa Sanpaolo, completed its first proprietary...

Sony’s Soneium Blockchain Faces Backlash Over Memecoin Blacklisting

The launch of Sony's Soneium blockchain has sparked significant...

Historic Shift in Crypto Markets: Bitcoin’s Dominance Shows First Death Cross Since 2020

A significant technical indicator has emerged in the cryptocurrency...