Bitcoin (BTC/USD) continued to move away from the psychologically-important 12000 figure early in today’s Asian session as traders continued book profits following the recent high print of 12086 reached earlier this week, a test of the same technical resistance encountered on 9 – 10 August and 18 August. Stops were elected below the 11710.39, 11594.37, 11478.34, and 11334.78 areas during the pullback, representing the 38.2%, 50%, 61.8%, and 76.4% retracements of the recent appreciating range from 11102.73 to 12086. The 11794.67 area was absorbed during the recent move higher, representing the 50% retracement of the recent depreciation from 12486.61 to 11102.73. Additional retracement levels in this depreciating range include 11957.97, 12160.01, and 12190.46. Notably, the 11631.37 area represents the 38.2% retracement of this depreciating range, and traders are interested to see if BTC/USD can establish momentum above this level. During the pair’s recent pullback from multi-month highs, Stops were elected below the 11642.05, 11603.11, 11560.28, 11533.61, 11516.38, and 11442.52 areas, levels related to the pair’s appreciation to the 12486.61 area. Traders are paying close attention to some levels where Stops were recently triggered during the move higher, including the 11992.15, 12086.22, 12112.97, 12173.80, and 12348.26 areas. 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 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. Additional 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 bearishly indicating below the 100-bar MA (4-hourly) and below 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 50-bar MA (4-hourly) at 11555.44 and the 200-bar MA (Hourly) at 11552.91.
Technical Support is expected around 11102.73/ 11004.10/ 10961.41 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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.