Bitcoin (BTC/USD) slumped early in today’s Asian session as the pair depreciated to the 7265.00 level after trading as high as the 7365.00 area during yesterday’s North American session. Notably, the pair was capped around an important technical level during yesterday’s European and North American sessions, namely the 76.4% retracement of the depreciation from 7464.85 to 7046.60. BTC/USD moved lower early in yesterday’s North American session and traded as low as the 7110.00 level, just below the 7145.31 area that represents the 23.6% retracement of the depreciating range. Significant selling pressure commenced from the 7365.02 level during Tuesday’s North American session, right around the 50% retracement of the depreciation from 7466.00 to 7271.00 and the 61.8% retracement of the depreciation from 7400.00 to 7292.00. Selling pressure earlier this week saw BTC/USD quickly decline to the 7073.00 area before buying pressure emerged and lifted the pair back above the 7275.00 area. The pair’s recent appreciation saw many Stops elected above key upside price objectives including the 6854, 6979, 7101, and 7411 areas, all of which are upside price objectives related to buying pressure that emerged in March around the 3858 area. Additional upside price objectives related to this level include the 7561, 7716, and 8103 areas.
Additional Stops have recently been elected above the 6842 and 7059 levels, upside price objectives related to buying pressure last month around the 4432.30 area, and a related upside price objective is the 7870 level. Moreover, additional Stops were triggered above the 7234 area, an upside price objective related to buying activity around the 5001.00 area, and a related upside price objective is the 7761 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. Below current price activity, downside price objectives included the 7071, 6980, and 6866 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) has bullishly moved above the 200-bar MA (4-hourly) as well.
Price activity is nearest the 50-bar MA (4-hourly) at 7019.14 and the 50-bar MA (Hourly) at 7302.84.
Technical Support is expected around 6572.63/ 6481.88/ 6383.48 with Stops expected below.
Technical Resistance is expected around 7430.00/ 7561.96/ 7716.85 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 Bearishly below MACDAverage.