Bitcoin (BTC/USD) extended its recent surge higher early in today’s Asian session as the pair moved back to the 8155.80 area after finding Bids around the 7621.27 level late in yesterday’s North American session. Minor Stops were triggered below the 7680.23 area during the brief pullback, representing the 23.6% retracement of the move from 5512.00 to 8325.00.
Chartists are citing some minor Stops above the 8178.02 area, representing the 76.4% retracement of the 8350.00 – 7621.27 area. Technicians are deliberating how high BTC/USD could go with some key levels being identified. The 9532.02 area is an upside target and it represents the 38.2% retracement of the key 19891.00 – 3128.89 range. Likewise, the 9945.50 area is the 50% retracement of the all-time absolute range of BTC/USD. Similarly, the 9647.30 area is a key upside price extension objective that may represent some technical Resistance or exhaustion, and the 8541.80 area is a level associated with that upside price objective that may provide some technical Resistance as well.
Price activity is nearest the 50-bar MA (4-hourly) at 6704.12 and the 50-bar MA (Hourly) at 7760.91.
Technical Support is expected around 7561.81/ 7170.09/ 6853.50 with Stops expected below.
Technical Resistance is expected around 8488.00/ 9734.52/ 9948.12 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 Bearishly below MACDAverage.