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BTC/USD Absorbs 10000 and Reloads Around 9950 for Traction: Sally Ho's Technical Analysis 9 May 2020 - BTC

 
BTC/USD Absorbs 10000 and Reloads Around 9950 for Traction: Sally Ho's Technical Analysis 9 May 2020 - BTC
Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) continued to orbit the psychologically-important 10000 figure in today’s Asian session following the pair’s escalation to the 10079 area during yesterday’s Asian session, its strongest print since mid-February.  Bullish indications regarding BTC/USD’s upward movements emerged during Thursday’s European session when traders kept the pair bid above the 9028.89 area, an upside price objective related to buying pressure that originated around the 3858 area.  Those indications were later strengthened when the pair remained bid above the 9214.67 area, a downside price objective related to selling pressure that originated around the 10522.51 area in February.  Chartists anticipate Stops are likely in place above the 10079.00 area.

Large Stops were elected last week above several important levels including the 9362.24, 9214.67, 9082.20, 8763.40, 8405.58, 8162.36, 7832.92, and 7751.67 areas, and traders will closely monitor these levels when they are tested again. If BTC/USD is able to resume its upward trajectory, traders will closely monitor additional upside price objectives around the 10316.39 and 10661.23 levels.  When BTC/USD pulls back from current price activity, traders will pay close attention to some additional areas of potential technical support, including the 8324.00, 7967.33, 7610.66, 7423.22, and 7169.35 levels.  Chartists are observing that the 50-bar MA (4-hourly) continues to indicate above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) 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 9065.97 and the 50-bar MA (Hourly) at 9590.40.

Technical Support is expected around 9362.24/ 9082.20/ 8324.00 with Stops expected below.

Technical Resistance is expected around 10316.39/ 10661.23/ 11341.05 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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