Bitcoin (BTC/USD) remained somewhat on the defensive early in today’s Asian session as the pair attempted to claw back recent losses following its recent low around the 10180.00 area. Traders were able to get BTC/USD back as high as the 10576.82 area during yesterday’s Asian session, just above the 100-bar 4-hourly simple moving average. Selling pressure then knocked BTC/USD back to the 10380.49 level, just above the 50% retracement of the recent appreciation from 10180 to 10576.82. Notably, this technical support was also right around the 10354.65 area, representing the 23.6% retracement of the recent depreciating range from 12086 to 9819.83. Chartists are noting that the 200-bar 4-hourly simple moving average has recently bearishly crossed above the 100-bar 4-hourly simple moving average and 50-bar 4-hourly simple moving average. Similarly, the 200-hour simple moving average has bearishly crossed above the 100-hour simple moving average and 50-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 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 100-bar MA (4-hourly) at 10558.91 and the 50-bar MA (Hourly) at 10480.08.
Technical Support is expected around 10180.00/ 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.