Published
3 years ago on
May 06, 2020
Bitcoin (BTC/USD) extended its movements above and below the 9000 figure early in today’s Asian session as the pair had again earlier traded as high as the 9126.27 level during yesterday’s European session, above the 9069.29 area that represents the 61.8% retracement of the depreciation from 9478.66 to 8407.00. Later in yesterday’s European session, the pair retraced higher to just below the 9082.20 area during a brief move higher, an upside price objective related to buying pressure that emerged around the 3858.00 area. Some technical support materialized around the 8769.69 area during the pullback lower, just above the 8765.31 area that represents the 23.6% retracement of the appreciation from 6456.00 to 9478.66. 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.
Some of these areas are upside price objectives related to the buying activity that originated around 3858 and other levels, while other areas were downside price objectives related to selling pressure that commenced around the 9214.67 level. If BTC/USD is able to resume its upward trajectory, traders will closely monitor additional upside price objectives around the 9575.05, 9750.51, and 9982.41 levels. When BTC/USD pulls back from current price activity, traders will pay close attention to some areas of potential technical support, including the 8324.00, 7967.33, 7610.66, 7423.22, and 7169.35 levels. Beyond these areas, traders will also pay close attention to levels including the 6959, 6767, 6403, 6383, 6291, and 6122 areas. Chartists are observing that the 50-bar MA (4-hourly) continues to indicate above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) bearishly moved below 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 8578.44 and the 100-bar MA (Hourly) at 8876.42.
Technical Support is expected around 8324.00/ 7967.33/ 7610.66 with Stops expected below.
Technical Resistance is expected around 9575.05/ 9750.51/ 9982.41 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
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