Bitcoin (BTC/USD) remained confined to a tight range early in today’s Asian session as the pair traded as low as the 6520.13 level during yesterday’s North American session after trading as high as the 6795.00 area during yesterday’s Asian session. The pair has recently appreciated after trading as low as the 3858.00 level on 13 March, with traders curious when the market will exhibit the strength to once again cross the psychologically-important 7000 figure. Traders have recently tested the level twice recently, pushing the pair as high as the 6990 and 6983 levels in recent trading sessions. Some additional Stops were recently elected above the 6950 area during BTC/USD’s move higher, a downside price objective related to selling pressure that emerged around the 7986 area. Chartists note that the 50-bar MA (hourly) bullishly crossed above the 100-bar MA (hourly), and that the 50-bar MA (4-hourly) bullishly crossed above the 100-bar MA (4-hourly).
After opening the month 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. BTC/USD then escalated to multi-day highs around the 6866 and 6983 areas. Stops were elected below many areas during the rapid decline, and these levels include the 6120, 6059, 6044, 5951, 5941, 5823, and 5799 levels. Above current market levels, traders are observing upside price objectives around the 7101.76, 7234.54, 7414.53, 7558.22, and 7761.66 levels. Below current market activity, traders are closely watching levels including the 4342, 3688, 2882, and 2673 levels. Stops are likely in place below these levels.
Price activity is nearest the 50-bar MA (4-hourly) at 6280.53 and the 50-bar MA (Hourly) at 6670.12.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.