Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair traded as high as the 6757.40 level after encountering buying pressure around the 6403.16 area during yesterday’s Asian session. Bids emerged during yesterday’s North American session at the 6567.59 area, just below the 6575 area that represents a downside price objective related to selling pressure that originated around the 6990.00 area on 20 March. Stops were also elected above the 6707.42 level during the pair’s climb, an upside price objective related to buying pressure that emerged around the 5001.00 level. Technicians and chartists note that the 6866 level reached during yesterday’s European session was just above the 6842.04 area, an upside price objective related to buying pressure that emerged around the 4432.30 level on 16 March.
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 area. 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 100-bar MA (4-hourly) at 6317.69 and the 100-bar MA (Hourly) at 6258.12.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.