Bitcoin (BTC/USD) added to its recent weakness early in today’s Asian session as the pair fell to the 8787.92 level after encountering resistance around the 9016.99 area during yesterday’s European session, just below the 9025.32 area that represents the 50% retracement of the recent appreciating range from 8106.70 to 9943.93. Traders pushed the pair back below the 8808.52 area, representing the 61.8% retracement of the appreciating range, and traders observed some bids emerge above the 8779.64 area, representing the 61.8% retracement of the recent appreciation from 8632.93 to 9016.99. 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 targeted 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 8905.36 and the 50-bar MA (Hourly) at 8876.16.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.