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BTC/USD Supported by Bids Ahead of 9362: Sally Ho's Technical Analysis 2 June 2020 BTC

 
BTC/USD Supported by Bids Ahead of 9362:  Sally Ho's Technical Analysis 2 June 2020 BTC
Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) continued to hover around the 9500 level early in today’s Asian session as the pair moved higher from the 9369.58 area during yesterday’s Asian session, an upside price objective relating to buying pressure that originated around the 3858 area in March.  The pair climbed to the 9615 area during yesterday’s Asian session, right around the 9613.33 area that represents the 61.8% retracement of the recent depreciation from 9764 to 9369.58.  During the recent move higher, Stops were reached above the 8890.13, 8969.58, 9049.03, and 9147.33 areas, representing the 38.2%, 50%, 61.8%, and 76.4% retracements of the recent depreciation from 9306.23 to 8632.93.  Traders have also recently triggered Stops above the 9318.50 level, right around the 50% retracement of the recent depreciation from 9836.99 to 8800.00.  Traders have also been closely monitoring the 9613.54 and 9656.93 areas, representing the 76.4% and 78.6% retracements of the recent depreciation from 10079.00 to 8106.70.

Additional important 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) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 9338.89 and the 50-bar MA (Hourly) at 9545.63.

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.

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