BTC/USD to Reclaim 50000? Sally Ho's Technology Analysis 3 March 2021 BTC

Bitcoin (BTC/USD) moved higher early in today’s Asian session as the pair appreciated to the 48809.68 area after trading as low as the 47075.11 area in the North American session, with the intraday low representing a test of the 23.6% retracement of the appreciating range from 41509 to 48912.  Traders observe that BTC/USD traded as high as the 50250 area during the Asian session, representing a test of the 100-bar 4-hour simple moving average, and the 49750 level during the North American session before retreating.  Technical support emerged above the 100-hour simple moving average during the pullback.  Stops were recently elected below a series of downside retracement levels including 51473.20, 50674.71, 49674.05, 48741.27, 48371.21, and 47208.40.  If BTC/USD extends its move lower, traders will pay close attention to potential areas of technical support including 44441.89, 43761.50, 42786.36, 42259.21, and 41537.23. 

Stops were recently elected above many significant technical levels during the latest move to a new all-time high, including the 51732.54, 52505.24, 53194.95, 53276.47, 54400, 55266.17, 55715.92, 56761.65, and 57427.73 levels.  These areas relate to historical buying pressure around the 17580, 21913.84, 27678, 16200, 27678, 21913.84, and 9819.83 levels.  If BTC/USD continues its upward strength, traders will focus on upside price objectives including the 58896.80, 59724.81, 59792.54, 60,069.04, 60368.14, 60522.13, and 61064.65 levels.   Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating above the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 48159.77 and the 200-bar MA (Hourly) at 48118.78.

Technical Support is expected around 42786.36/ 41398.14/ 40314.60 with Stops expected below.

Technical Resistance is expected around 58896.80/ 59724.81/ 59792.54 with Stops expected above.  

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

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.

Publication date: 
03/03/2021 - 02:30
Author: 
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