Bitcoin (BTC/USD) gave back some recent gains early in today’s Asian session as the pair continued to back away from the 7400 figure after trading as high as the 7466.00 area during yesterday’s North American session. During the pair’s recent ascent, a series of Stops have been 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.
Traders observe that BTC/USD absorbed selling pressure during Monday’s North American session ahead of last week’s high around the 7292.11 area, and that Stops were triggered above this level. 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 include the 7276, 7163, and 7071 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 6763.41 and the 50-bar MA (Hourly) at 7162.31.
Technical Support is expected around 6572.63/ 6481.88/ 6383.48 with Stops expected below.
Technical Resistance is expected around 7414.53/ 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.