Bitcoin (BTC/USD) extended its recovery early in today’s Asian session as the pair continued to trade above the psychologically-important 6000 figure after bids emerged around the 5853 area during yesterday’s Asian session. During yesterday’s European session, the pair traded as high as the 6428.81 level, right around a couple of price objectives including the upside objective of 6414.65 related to buying pressure from the 4432.30 level, and the downside price objective of 6436.01 related to selling pressure from the 6880 level. Some buying pressure emerged around the 6292.92 level during yesterday’s North American level, right around the 23.6% retracement of the appreciation from the 5853.00 level to the 6248.81 level.
Above current price activity, upside price objectives include the 6436, 6520, and 6605 area. 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 200-bar MA (hourly) has bearishly converged with 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.
Price activity is nearest the 50-bar MA (4-hourly) at 6381.08 and the 100-bar MA (Hourly) at 6356.91.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.