Bitcoin (BTC/USD) gave back some strong intraday gains early in today’s Asian session as the pair came off to the 6730.00 level after trading as high as the 7292.11 area during yesterday’s North American session. Stops were elected above some key technical levels during the sharp move higher. These levels include the 6979.43 level, an upside price objective related to upside buying pressure that emerged around the 3858 level in March, followed by Stops that were triggered above the 7059, 7101, and 7234 areas. Some of these upside price objectives were related to buying pressure that emerged around the 5001.00 level.
The move 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 7414, 7561, 7716, and 7870 levels. Below current price activity, downside price objectives include the 6742, 6572, 6402, and 6192 levels. Chartists are observing that the 50-bar MA (hourly) recently crossed above the 200-bar MA (hourly), a very bullish signal, and that the 100-bar MA (hourly) is bullishly converging with the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 6898.34 and the 50-bar MA (Hourly) at 6496.41.
Technical Support is expected around 4342.13/ 3688.61/ 2882.04 with Stops expected below.
Technical Resistance is expected around 6572.56/ 6402.74/ 6192.63 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.