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BTC/USD Bulls Eyeing 9621.51: Sally Ho's Technical Analysis 7 July 2020 BTC

 
BTC/USD Bulls Eyeing 9621.51:  Sally Ho's Technical Analysis 7 July 2020 BTC
Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair continued to score gains above the psychologically-important 9000 figureBuying pressure emerged around the 8905.84 area during yesterday’s Asian session, just below the 8918.20 area that represents the 78.6% retracement of the recent appreciation from 8815.01 to 9297.20.  Traders lifted the pair as high as the 9352.15 area during yesterday’s North American session before some profit-taking emerged.  If BTC/USD bulls are able to resume their upward momentum, some important price targets include the 9416.84, 9431.17, 9558.87, 9621.51, and 9734.61 areas.  The 9530.47 and 9742.28 areas also upside price targets, representing the 50% and 38.2% retracements of the recent appreciation from 8632.93 to 10428.00.  Traders are observing the recent depreciating range from 10428.00 to 8815.01, with the 9195.68 area representing the 23.6% retracement of this range and an important area that BTC/USD bulls will need to build upon if they are to make advancements higher

Larger Stops have recently been absorbed below the 8877.48 area, a level that represents the 23.6% retracement of the recent appreciation from 3858 to 10428.  Additional downside areas of potential technical support include the 8695.01, 8680.35, and 8654.53 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, the broader appreciation from 3858.00 to 10079.00, and the appreciation from 8632.93 to 10428.00.   Important technical levels related to these ranges include 9530.47, 9318.65, 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 below the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating above the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 9383.89 and the 200-bar MA (Hourly) at 9131.61.

Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below.

Technical Resistance is expected around 9561.43/ 10066.21/ 10428.00 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 Bearishly below MACDAverage.

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