Bitcoin (BTC/USD) worked to extend recent gains early in today’s Asian session as the pair traded as high as the 7322.00 area following its move back above the psychologically-important 7000 figure for the first time since Thursday’s North American session. A series of Stops were elected during the climb higher, including the 6918.54 and 6959.43 levels, representing the 61.8% and 76.4% retracements of the depreciation from 7025.53 to 6745.46. Larger Stops were triggered above the 6949.09, 7030.04, and 7130.20 areas, representing the 50%, 61.8%, and 76.4% retracements of the depreciation from 7292.11 to 6606.06. Traders observed that BTC/USD had the strength to test last week’s multi-month high around the 7292.11 area.
These recent moves higher represents the pair’s first trading activity above the psychologically-important 7000.00 figure since early March when BTC/USD cratered from the 9214 area to the 3858 level. Above current price activity, upside price objectives include the 7411, 7561, 7716, and 7870 levels. Below current price activity, downside price objectives include the 6572, 6402, and 6192 levels. Chartists are observing that the 50-bar MA (hourly) has bullishly moved above the 100-bar MA (hourly), and that the 50-bar MA (4-hourly) has bullishly moved above the 100-bar MA (4-hourly). Also, the 50-bar MA (4-hourly) is poised to bullishly move above the 200-bar MA (4-hourly) as well.
Price activity is nearest the 200-bar MA (4-hourly) at 6702.41 and the 50-bar MA (Hourly) at 6880.20.
Technical Support is expected around 6572.63/ 6481.88/ 6383.48 with Stops expected below.
Technical Resistance is expected around 7414.53/ 7561.96/ 7716.85 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.