Bitcoin (BTC/USD) reversed some of its recent upward gains early in today’s Asian session as the pair continued to move lower and trade around the psychologically-important 9000 figure after trading as high as the 9200 figure during yesterday’s North American session. Traders stopped just short of testing the 9223.87 area, representing the 23.6% retracement of the recent appreciation from 6456.00 to 10079.00. Another important range that traders are carefully monitoring is the recent depreciation from 10079.00 to 8106.70. The markets moved back above the 9092.85 level during the climb higher over the past couple of days before coming off, representing the 50% retracement of the depreciating range. Additional retracement levels above this area include the 9325.58 and 9613.54 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. During the pair’s retracement higher, traders will pay close attention to see how the pair reacts around additional key levels including the 9214.67, 9362.24, 9575.05, 9802.00, 9867.37, and 9948.26 levels, areas where Stops were recently elected. 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) and 100-bar MA (hourly) bullishly converging.
Price activity is nearest the 50-bar MA (4-hourly) at 9180.91 and the 200-bar MA (Hourly) at 9165.18.
Technical Support is expected around 7939.99/ 7311.03/ 6456.00 with Stops expected below.
Technical Resistance is expected around 9223.97/ 9575.05/ 9750.91 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.