Bitcoin (BTC/USD) extended its recent pullback early in today’s Asian session as the pair continued to decline away from the psychologically-important 7000 figure after offers emerged around the 6940 level during yesterday’s Asian session. Some bids emerged around the 6754.58 area during yesterday’s European session after Stops were elected below the 6776.19 area, representing the 50% retracement of the appreciation from the recent low of 6555.00 to 6997.38. Additional areas of possible technical support related to this range include the 6723.99 and 6659.40 levels. Traders are also looking to see if the pair can remain bid above the 6657.00 and 6467.26 levels, representing the 50% and 61.8% retracements of the appreciation from 5853.00 to 7461.00.
Above current price activity, upside price objectives include the 6903, 7010, 7118, and 7251 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. Below current price activity, downside price objectives include the 6572, 6481, 6403, 6383, 6291, and 6122 levels. Chartists are observing that the 50-bar MA (4-hourly) continues to bullishly indicate above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) continues to bearishly indicate below the 100-bar MA (hourly) and 200-bar MA (hourly), suggesting additional price depreciation in the short-term is likely.
Price activity is nearest the 100-bar MA (4-hourly) at 6843.81 and the 50-bar MA (Hourly) at 6848.84.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.