Bitcoin (BTC/USD) sought direction early in today’s Asian session as the pair continued to orbit the 7100 level after trading as low as the 6920 level during yesterday’s North American session. Stops were elected below the 7106.93 and 6982.54 levels during the pair’s move lower, areas that represent the 23.6% and 38.2% retracements of the recent appreciation from 6456 to 7308. The next downside level in this range is the 6882.00 level. Some additional Stops were elected below the 6950.47 area, a level that represents an upside price objective related to buying pressure that emerged around the 3858.00 area in March. Last 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 7414 and 7466 levels. 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) continues to bearishly indicate below the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) continues to bullishly indicate above the 100-bar MA (hourly) and 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 7012.62 and the 100-bar MA (Hourly) at 7124.29.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.