Bitcoin (BTC/USD) scored sizable gains early in today’s Asian session as the pair rallied to the 10298.75 area, its strongest level after weakening from the 10522.51 area last weekend. Stops were elected above the 9994.76 and 10119.31 areas during the drive higher, representing the 50% and 61.8% retracements of the depreciation from 10522.51 to 9467.00. The next upside level in this range is the 10273.41 area, representing the 76.4% retracement of the pullback, and that level was absorbed early in today’s Asian session. The pair’s recent climb has seen it trade near some important technical levels, including the 10354.90 area that represents the 38.2% retracement of the move from 4670.69 to 13868.44. Traders were able to push the pair to the 10522.51 level last week, but profit-taking quickly pushed the pair below the 10354.90 area and the 10244.52 area, representing the 50% retracement of the move from 6620.61 – 13868.44 range.
Downside areas of potential technical support related to both of those levels include the 9269.57 and 9389.28 areas. Additional areas of technical support that traders pushed BTC/USD below during its depreciation late last week include the 10149.22, 10095.40, 9887.63, and 9816.32 levels. The current phase of price consolidation has traders evaluating additional areas of potential downside technical support. Notably, the 9010.07 level represents the 61.8% retracement of the move from 10545.43 to 6526.00, and may provide some buying pressure when it is tested. The reversal of the pair’s recent ascent through and above upside price objectives could see some of those areas become potential areas of technical support. These levels include 9370.10, 9322.05, 9203.36, 9169.41, 9078.05, and 8880.87 among many others.
Price activity is nearest the 50-bar MA (4-hourly) at 10053.63 and the 200-bar MA (Hourly) at 10047.02.
Technical Support is expected around 9370.10/ 9121.40/ 8760.28 with Stops expected below.
Technical Resistance is expected around 10534.04/ 10652.04/ 10698.24 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.
Ethereum (ETH/USD) slumped early in today’s Asian session as the pair receded to the 277.02 area after trading as high as the 288.50 area during yesterday’s North American session. During yesterday’s North American session, the pair traded as low around the 259.24 area before buying pressure pushed the pair higher. After gaining close to 70% since the beginning of the year and printing around the 290.00 area, ETH/USD started to reverse some of its recent gains late last week and the selling pressure carried over through the beginning of this week. Notably, the price fell as low as the 236.37 level during the pullback, triggering Stops below the 249.00 area that represents the 23.6% retracement of the move from 116.25 to 290.00. The move lower accelerated after Stops were reached below the 246.88 area, representing the 38.2% retracement of the move from 515.88 to 80.60.
Following the pair’s initial descent lower from the 290.00 area and initial buying pressure around the 258.00 area, buyers lifted the pair to the 274.00 level where it encountered additional selling pressure. Notably, this level was right around the 50% retracement of the move from 290.00 to 258.00. Stops were reached below the 255.98 and 247.94 levels during the pullback, representing downside price objectives related to the selling pressure that commenced around the 290.00 level. Additional downside price objectives include the 237.98 and 221.92 levels.