Bitcoin (BTC/USD) continued to trade below the 8000 figure early in today’s Asian session as the pair continued to react to significant technical levels including the 7775 area, a recent relative high from last week that capped advances during yesterday’s North American session. After trading as high as the 7794.74 level during yesterday’s North American session, selling pressure knocked the pair lower to the 7672.00 area, just below the 76.4% retracement of the recent depreciation from 7775.00 to 7390.00. BTC/USD bears are eyeing the 7650.17, 7600.50, and 7550.82 areas as price targets below the market. Above current price activity, upside price objectives include the 8032, 8162, 8258, and 8405 levels, areas related to downside selling pressure that emerged around February and March.
If short-term weakness develops, traders will carefully monitor price behaviour around related areas of potential technical support, including the 7315.29 and 7206.69 levels. Significant Stops were elected above the 7497.49, 7584, and 7661 levels during the move higher last week, and traders will be curious to see how price activity reacts around these areas. Traders are also very interested to see how the market reacts around the 7466 area, a level above which Stops were reached during yesterday’s North American session, and that represented a historical relative high dating to early April. Below current price activity, downside price objectives include the 6959, 6767, 6403, 6383, 6291, and 6122 levels. Chartists are observing that the 50-bar MA (4-hourly) continues to indicate above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) has bullishly moved above the 100-bar MA (hourly), and continues to indicate above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 7365.31 and the 50-bar MA (Hourly) at 7701.81.
Technical Support is expected around 6481.88/ 6383.48/ 6250.85 with Stops expected below.
Technical Resistance is expected around 8258.59/ 8405.58/ 8484.22 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.