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Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair continued to suffer from negative technical sentiment and orbit some important technical levels. Traders recently drove BTC/USD lower from the 21866 area before bids emerged around the 18603 area, and BTC/USD was then bearishly capped by previous technical support near the 20895.70 area. BTC/USD bears continue to eye some important downside price objectives including the 16990.14 area that is related to historical selling pressure around the 48240 level. Traders are also eyeing the 14500.15 area as potential technical support, a level that represents the 50% retracement of a historic upside range from 3858 to 31717.02.
BTC/USD’s valuation tumbled 37.1% in June and is down approximately 80% year-to-date and off approximately 110% from its all-time high of 69000. Technical resistance levels and areas of potential selling pressure include the 22908, 24558, 26208, 28249, and 28557 areas. Stronger technical resistance is evident around the 27288 area, with Stops likely in place above this area. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 20565.28 and the 50-bar MA (Hourly) at 19689.18.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 24365.11/ 27455.20/ 32383.96 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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