Bitcoin (BTC/USD) orbited the 10500 level early in today’s Asian session as the pair added to recent gains that saw buying pressure drive the price higher from the 10135.22 area during yesterday’s Asian session. Upside momentum was strong during yesterday’s European session and intensified during yesterday’s North American session. Stops were elected above the 10534.29 and 10657.56 areas during the appreciation, representing the 38.2% and 50% retracements of the recent depreciation from 11179.90 to 10135.22. Additional upside retracement levels related to this depreciating range include 10780.83 and 10933.36. Traders will closely monitor price activity around some technically significant levels including the 10562.09, 10580.50, and 10550.58 areas. 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 above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 10736.54 and the 200-bar MA (Hourly) at 10740.99.
Technical Support is expected around 10135.22/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 10775.60/ 11496.70/ 11601.04 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 Bullishly above MACDAverage.