Bitcoin (BTC/USD) continued to orbit the 7500 level early in today’s Asian session as the pair traded as high as the 7569.01 level after bids emerged around the 7489.44 area during yesterday’s North American session. The pair spiked to the 7720.00 level during yesterday’s North American session 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. 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.
Some traders 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. Traders are 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 7185.07 and the 50-bar MA (Hourly) at 7535.76.
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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.