Bitcoin (BTC/USD) continued to trade above the 8000 figure early in today’s Asian session as the pair was able to sustain the strong gains it notched during yesterday’s Asian, European, and North American sessions, with the pair trading as high as the 8950.00 area. Traders elected Stops above the 7832.92 area during the climb higher, a level that represents the 76.4% retracement of the recent depreciation from 7996.48 to 7335.79. Other important levels above which Stops were reached are the 7751.67, 8162.36, and 8405.58 areas, downside price objectives related to selling pressure that commenced in February around the 10522.51 area. Stops were also reached above the 8032.98, 8258.59, 8484.22, and 8763.40 areas during the climb, all of which represent downside price objectives related to selling pressure that commenced around the 9214.67 area in March.
If BTC/USD is able to resume its upward trajectory, the traders will closely monitor additional upside price objectives around the 9082.20, 9214.67, and 9362.24 levels. When BTC/USD pulls back from current price activity, traders will pay close attention to some areas of potential technical support, including the 8390.45, 8020.78, 7722.00, 7423.22, and 7053.55 levels. Additional technically significant levels include the 7315.29 and 7206.69 areas. Beyond these areas, traders will also pay close attention to levels including the 6959, 6767, 6403, 6383, 6291, and 6122 areas. Chartists are observing that the 50-bar MA (4-hourly) continues to indicate 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 7569.42 and the 50-bar MA (Hourly) at 7969.08.
Technical Support is expected around 8390.45/ 8020.78/ 7722.00 with Stops expected below.
Technical Resistance is expected around 9082.20/ 9214.67/ 9362.24 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.