Published
3 years ago on
May 28, 2020
Bitcoin (BTC/USD) gained some additional ground early in today’s Asian session as the pair resumed its climb above the psychologically-important 9000 figure, having traded as high as the 9191.70 area during yesterday’s North American session. Stops were reached above the 8890.13, 8969.58, 9049.03, and 9147.33 areas during the ascent, representing the 38.2%, 50%, 61.8%, and 76.4% retracements of the recent depreciation from 9306.23 to 8632.93. Traders recently stopped short of testing the 9318.50 level, right around the 50% retracement of the recent depreciation from 9836.99 to 8800.00. Additional upside price retracement levels that traders are monitoring include the 9440.86 and 9592.26 levels.
Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, and the broader appreciation from 3858.00 to 10079.00. Important technical levels related to these ranges include 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others. 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 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 9170.42 and the 200-bar MA (Hourly) at 9187.13.
Technical Support is expected around 8695.01/ 8540.29/ 8267.50 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Investment Disclaimer
