Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair continued to display some resilience above the psychologically important 7000 level, having traded as high as the 7208.56 level during yesterday’s North American session. Some minor Stops were elected above the 7200 area during the move higher, a level reached last week during a retracement higher. Traders are closely watching the 7234.54 area, as it represents an upside price objective related to buying pressure that originated around the 5001.00 area in mid-March. Earlier this week, upward momentum emerged around the 6456.00 area, driving the price back above the psychologically-important 7000 figure. Notably, this buying pressure was right around the 6467.26 level that represents the 61.8% retracement of the appreciation from 5853.00 to 7461.00. Above current price activity, upside price objectives include the 7251, 7297, 7414, and 7466 levels with some additional selling pressure again possible around the 7192 area.
BTC/USD bulls continue to observe the 7411.18 area as an upside price objective, another area related to the 3858 low and one that was tested three times in early April. Some traders are anticipating some Stops above the 7466 area, a recent relative high that could propel BTC/USD higher to the 7561.96 area if it is crossed. Below current price activity, downside price objectives include the 6403, 6383, 6291, and 6122 levels. Chartists are observing that the 50-bar MA (4-hourly) just bearishly crossed below the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) just bullishly crossed above the 200-bar MA (hourly), and continues to indicate above the 100-bar MA (hourly). This suggests BTC/USD could be getting ready to make a breakout in the short-term.
Price activity is nearest the 100-bar MA (4-hourly) at 6973.73 and the 50-bar MA (Hourly) at 7094.06.
Technical Support is expected around 6481.88/ 6383.48/ 6250.85 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.