Bitcoin (BTC/USD) looked to extend recent gains early in today’s Asian session as the pair continued its gyrations around the psychologically-important 12000 figure after trading as high as the 12486.61 area earlier this week, its strongest print since July 2019. Stops were elected above a series of important technical levels and upside price objectives during the ascent, including the 11992.15, 12086.22, 12112.97, 12173.80, and 12348.26 areas. Traders note that the intraweek high of 12486.61 represented a test of the 12496.68 area, an upside price objective related to buying pressure that emerged around the 8055.91 area earlier this year. One range that has recently 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 12023.45, 11964.56, 11880.38, 11803.31, 11737.30, 11642.95, 11560.28, and 11533.51 areas during pullbacks lower, representing the 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. Additional upside price objectives include the 12713.18, 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. 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 11802.40 and the 50-bar MA (Hourly) at 12070.81.
Technical Support is expected around 11497.91/ 11348.03/ 11120.00 with Stops expected below.
Technical Resistance is expected around 12496.68/ 12713.18/ 13202.63 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.