BTC/USD Eyeing 12000 Again: Sally Ho's Technical Analysis 16 August 2020 BTC

Bitcoin (BTC/USD) continued to set its sights on the 12000 figure early in today’s Asian session after traders lifted the pair from the 11688.00 area during yesterday’s North American session, right around the 200-hour simple moving average.  Some demand was later seen around the 11784.66 area, representing the 23.6% retracement of the recent appreciating range from 11120 to 11989.98.  Traders stopped just short of pushing the pair above the psychologically-important 12000 figure during yesterday’s Asian session.  One range that has influenced recent price activity is the recent appreciation from 11546.15 to 12086.22, and traders are observing that buying activity emerged during a recent pullback just below the 11497.71 area, representing the 38.2% retracement of the appreciating range.  Additional retracement levels in this appreciating range include the 11316.19, 11134.46, and 10909.61 areas.  Traders also remain focused on the 11395.78, 11372.38, 11350.94, and 11307.97 areas during pullbacks lower, representing the 23.6% retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas.  A key level where buying pressure recently emerged is around the the 11529.38 level,  a test of the 11510.44 area that represents the 50% retracement of a historical depreciation from 19891.99 to 3128.89.

Traders recently drove BTC/USD as high as the 12134.29 area before profit-taking pushed the pair lower to the 10546.15 area, just above the 50% retracement of the same appreciating range from 8905.84 to 12134.29.  Additional upside price objectives include the 12227.83, 12268.47, 12311.39, 12859.49, and 13107.05 levels, targets related to areas of buying pressure that emerged earlier this year around the 3858.00 area and above.   Stops were recently elected above the 11026.97, 11115.62, 11340.92, 11399.17, 11407.81, 11570.81, and 11761.97 levels.  Following the pair’s recent appreciation to the 12134.29 level, traders are observing retracement levels around the 11395.78, 11350.94, 11307.97, 10938.90, 10866.33, 10796.77, 10651.81, 10569.65, 10474.65, 10383.61, and 10316.39 areas.  Below those areas, some potential areas of technical support include the 10200.39, 10139.11, and 10082.97 areas.  Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-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 50-bar MA (4-hourly) at 11688.27 and the 50-bar MA (Hourly) at 11757.02.

Technical Support is expected around 11603.11/ 11489.10/ 11348.03 with Stops expected below.

Technical Resistance is expected around 12268.47/ 12311.39/ 13488.49 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.