Bitcoin (BTC/USD) maintained its recent upward bias early in today’s Asian session as the pair continued to approach the psychologically-important 11000 figure following buying pressure that emerged around the 10832.46 area during yesterday’s North American session, just above the 10826.66 area that represents the 61.8% retracement of the historical appreciating range from 8940.14 to 13878.67. Traders pushed BTC/USD as high as the 10956.11 area during yesterday’s Asian session, right around the 76.4% retracement of the depreciating range from 11179.90 to 10135.22. Chartists are observing that the 100-bar 4-hourly simple moving average has bearishly crossed above the 50-bar 4-hourly simple moving average, and the 100-hour simple moving average has bullishly crossed above the 200-hour simple moving average. 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 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 10657.99 and the 50-bar MA (Hourly) at 10704.75.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.