Bitcoin (BTC/USD) gained marginal ground early in today’s Asian session as the pair climbed higher to the 6310.00 area after encountering buying pressure around the 6030.00 level during yesterday’s North American session. Strong selling pressure commenced around the 6710.45 area during yesterday’s Asian session, and the market eventually elected related strong Stops just below the 6161 area, a downside price objective related to the selling pressure. Traders took BTC/USD higher back to the 6331 area but selling pressure again emerged and knocked the pair lower to the 6030 level. Above current price activity, upside price objectives include the 6436, 6520, and 6605 area. Below current price activity, downside price objectives include the 5969, 5698, and 5427 levels.
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. 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. Traders are observing that the 50-bar MA (4-hourly) bullishly remains above the 100-bar MA (4-hourly), and that the 100-bar MA (hourly) recently bearishly crossed above the 50-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 6397.95 and the 200-bar MA (Hourly) at 6406.78.
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 Bullishly above MACDAverage.