Bitcoin (BTC/USD) reversed some recent losses early in today’s Asian session as the pair escalated to the 8962.48 area after weakening to the 8632.93 area during yesterday’s Asian session, its weakest showing in a couple of weeks. Stops were elected below the 8917.09 area during the move lower, a downside price objective related to selling pressure that emerged around the 9836.99 level last week. During the recovery during today’s Asian session, the pair got back above the 8917.09 area, representing the 23.6% retracement of the recent depreciation from 9836.99 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.
The recent depreciation was quite technical in nature, as the 8820.08 area represented a downside price objective and BTC/USD bears were only able to take the pair as low as the 8800.00 level. 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 200-bar MA (4-hourly) at 8860.94 and the 50-bar MA (Hourly) at 9000.29.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.