Bitcoin (BTC/USD) looked to maintain its upward bias early in today’s Asian session as the pair continued to fixate on the psychologically-important 11000 figure. After trading as high as the 10956.11 area during yesterday’s Asian session, traders knocked BTC/USD lower from the 10947.07 area during yesterday’s North American session. Selling pressure continued until buying pressure emerged around the 10621.22 area, just above the 61.8% retracement of the historical depreciating range from 13202.63 to 6430.00. Traders also observed that technical support lifted the pair from the 10714 area during yesterday’s North American session, right around the 100-bar 4-hourly simple moving average. Traders also note that BTC/USD’s upside was limited by the 50-hour simple moving average during yesterday’s North American session. Traders also recently observed an acceleration of selling pressure below additional retracement levels including the 10685.51 and 10449.19 areas, with the latter being the 23.6% retracement of the depreciating range from 12486.61 to 9819.83.
Stops were recently elected below the 11120, 11004.10, 10961.41, 10647.72, 10546.15, and 10450.26 areas during the recent depreciation from recent multi-week highs. Traders note that the recent 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. 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 higher, representing the retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas. Other important technical levels include the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89, as well as the 10200.39, 10139.11, and 10082.97 areas. Chartists are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 10713.40 and the 100-bar MA (Hourly) at 10752.55.
Technical Support is expected around 10135.22/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 11179.90/ 11496.70/ 11601.04 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.