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Bitcoin (BTC / USD) tried to recover some of its lost ground earlier in the Asian session as the pair tried to hold its bid above the 38282 level, which represents the 23.6% retracement of the 41909.42 to 37161.88 devaluation range. Traders encountered near-term technical resistance near the 40302 area, which represents the 38.2% retracement of the recent depreciation range from 45426.45 to 37161.88. Recent selling pressure has pushed BTC/USD back below 39000, with a rapid move higher meeting technical resistance near the 50- and 200-hour simple moving averages

Traders recently pushed BTC/USD lower enough to absorb two downside price targets around the 40670 and 39211 levels, which are associated with selling pressure around the 45426 and 44046 areas. After the recent move higher, potential technical support and buying pressure areas include the 37043, 36942, 36789, 36698, 36662, 36444 and 35698 areas. Potential technical resistance and selling pressure areas include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 levels. Traders observed a bearish 50 SMA (4 hours), indicating below the 100 SMA (4 hours) and the 200 SMA (4 hours). In addition, the 50 SMA (hourly) is bearish, indicating a move below the 100 SMA (hourly) and the 200 SMA (hourly).

The price activity is closest to the 50 SMA (4 hours) 39521.67 and the 50 SMA (hourly) 39260.03.

Technical support is expected around 31639.47/ 29514.02/ 27271.02 with stop loss expected below.

Technical resistance is expected around 46,600.89/ 47,726.76/ 49,019.35, with stops expected above.

On the 4-hour chart, SlowK is more bullish than SlowD, while MACD is less bearish than MACDAverage.

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

Disclaimer: This trading analysis is provided by a third party and is for informational purposes only. It does not reflect the views of Daily Cryptocurrency and is not intended to be used as legal, tax, investment or financial advice.