Bitcoin (BTC/USD) appreciated modestly early in today’s Asian session as the pair climbed to the 6483.47 level after bids emerged around the 6333.91 level during yesterday’s North American session, right around a downside price objective related to selling pressure that emerged around the 6880.00 area. Traders are observing that selling pressure emerged around the 6520.34 level during yesterday’s North American session, right around another downside price objective related to the 6880.00 level. Chartists also note that the low during yesterday’s North American session was right around the 38.2% retracement of the appreciation from 5853.00 to 6631.23.
Above current price activity, upside price objectives include the 6605, 6637, 6710, 6880, and 6983 areas. Below current price activity, downside price objectives include the 5714, 5439, 5099, and 4549 levels. Traders are observing that the 50-bar MA (4-hourly) remains bullishly above the 100-bar MA (4-hourly), and that the 50-bar MA (hourly) has bullishly crossed above the 100-bar MA (hourly). After opening March around the 8525 area and escalating higher to the 9214 area, BTC/USD quickly depreciated to the 3858 area. The pair then traded sideways before escalating from the 4309 area to the 6990 area and then depreciating sharply to the 5657 area before moving back above the psychologically-important 6000 level. BTC/USD appears poised to complete the month with approximately a 24% loss.
Price activity is nearest the 50-bar MA (4-hourly) at 6447.73 and the 200-bar MA (Hourly) at 6459.73.
Technical Support is expected around 4342.13/ 3688.61/ 2882.04 with Stops expected below.
Technical Resistance is expected around 7101.76/ 7234.54/ 7414.53 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.