Published
3 years ago on
May 15, 2020
Bitcoin (BTC/USD) continued its march towards the 10000 figure early in today’s Asian session as the pair steadily added to its recent gains before encountering resistance around the 9943.93 area, its strongest print since its rapid decline from the 10079 area last weekend. Stops were elected above the 9613.54 and 9656.93 areas, representing the 76.4% and 78.6% retracements of the recent depreciation from 10079 to 8106.70. Some additional Stops were also triggered above the 9750.51 area, an upside price objective related to buying pressure that emerged around the 3858 area in March. The pair’s next such upside price objective is the 9982.41 area, and additional upside targets include the 10316.39 and 10661.23 areas. Several Stops were elected during last weekend’s sharp move lower, including below retracement levels that include the 9223.97, 8695.01, and 8267.50 levels.
Additional Stops were triggered below downside price objectives related to the 10079 selling pressure, and these levels include the 9854.42, 8896.80, 8388.32, and 8201.29 levels. Following the sharp move, longer-term BTC/USD bears are eyeing the 5165.19 area as a downside price objective. Another downside price objective that has become technically significant as a result of the pullback is the 6068.39 level. Below current market activity, traders will be monitoring the 7967.33, 7610.66, 7423.22, and 7169.35 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 200-bar MA (hourly) bearishly continues to indicate above the 50-bar MA (hourly) and 100-bar MA (hourly), with the 50-bar MA (hourly) bullishly converging with the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 9238.53 and the 200-bar MA (Hourly) at 9217.97.
Technical Support is expected around 9223.97/ 9028.89/ 8695.01 with Stops expected below.
Technical Resistance is expected around 10079.00/ 10316.39/ 10661.23 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.
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