Bitcoin (BTC/USD) added some gains early in today’s Asian session as the pair appreciated to the 50389.91 level after trading as low as the 48726.87 level during the North American session, with the interday low representing a test of the 61.8% retracement of the appreciating range from 47464.65 to 51500. Traders tested the 50-hour simple moving average during the climb higher, and also tested the 23.6% retracement of the appreciating range. Chartists observe that recent lows represented the pair’s weakest prints since early March. Several Stops were elected during the recent sharp move lower including below the 59734.61, 56539.69, and 53957.50 areas. The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area.
Significant Stops were also recently elected above multiple upside price objectives during the sharp climb including the 61065.64, 61463.38, 61732.54, and 62026.52 areas, levels related to buying pressure that originated around the 9819.83, 17580, and 16200 areas. Additional upside price objectives include the 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 16200, 17580, and 9819.83 levels. Potential technical support areas during pullbacks include the 48180.39 and 47698.96 areas. 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 55196.32 and the 50-bar MA (Hourly) at 50419.10.
Technical Support is expected around 47464.65/ 46556.35/ 41851.15 with Stops expected below.
Technical Resistance is expected around 64899/ 66200/ 66739.76 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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