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

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.                                                                                                                 



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