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BTC/USD at 8000 This Week? Sally Ho's Technical Analysis 27 April 2020 BTC

BTC/USD at 8000 This Week?  Sally Ho's Technical Analysis 27 April 2020 BTC

Bitcoin (BTC/USD) continued to test recent gains early in today’s Asian session as the pair sought to establish new recent highs above the 7600 level after trading as high as the 7715.00 level during yesterday’s North American session.  Traders had Saturday’s daily high of 7720.00 in view that was reached after Stops were elected above the 7627.93 and 7684.14 levels, representing the 61.8% and 76.4% retracements of the recent depreciation from 7775.00 to 7390.00.  Traders are looking to see if the pair can establish technical support around the 7684.14 level, and are again eyeing the 8000 figure as a psychologically-important upside price objective.  Above current price activity, upside price objectives include the 8032, 8162, 8258, and 8405 levels, areas related to downside selling pressure that emerged around February and March. 

If short-term weakness develops, traders will carefully monitor price behaviour around related areas of potential technical support, including the 7315.29 and 7206.69 levels.   Significant Stops were elected above the 7497.49, 7584, and 7661 levels during the move higher last week, and traders will be curious to see how price activity reacts around these areas.  Traders are also very interested to see how the market reacts around the 7466 area, a level above which Stops were reached during yesterday’s North American session, and that represented a historical relative high dating to early April.  Below current price activity, downside price objectives include the 6959, 6767, 6403, 6383, 6291, and 6122 levels.  Chartists are observing that the 50-bar MA (4-hourly) bullishly moved above the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) has bullishly moved above the 100-bar MA (hourly), and continues to indicate above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 7238.63 and the 50-bar MA (Hourly) at 7556.52.

Technical Support is expected around 6481.88/ 6383.48/ 6250.85 with Stops expected below.

Technical Resistance is expected around 8258.59/ 8405.58/ 8484.22 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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