Bitcoin (BTC/USD) extended its recent orbit around the 11000 figure early in today’s Asian session as the pair sought to add on to recent upside gains after bids emerged around the 10881.40 area in yesterday’s European session, right around the 38.2% retracement of the recent depreciation from 11099.95 to 10735.55. The pair then traded as high as the 11039.88 area during the move higher after some Stops were elected above the 11013.95 area. Traders are observing that the 50-bar 4-hourly simple moving average has bullishly crossed above the 100-bar 4-hourly simple moving average. Traders are closely observing how price activity reacts around the 10685.51 area, representing the 38.2% retracement of the recent depreciation from 12086 to 9819.83. Traders are also paying attention to the 10952.92 area, as this level represents the 50% retracement of the recent depreciating range from 12086 to 9819.83. The next upside retracement levels in this depreciating range include the 11220.32 and 11551.18 areas, and Stops are likely in place above these areas. Traders also recently observed some Stops being triggered above the 11026.96 area, representing the 61.8% retracement of the depreciating range from 13868.44 to 6430.00. Also, the 10449.19 area represents the 23.6% retracement of the depreciating range from 12486.61 to 9819.83. Some Stops were also recently elected above the 10826.66 area in the recent move higher, a level that represents the 61.8% retracement of the recent appreciation from 8940.14 to 13878.67.
Stops were recently elected below the 11120, 11004.10, 10961.41, 10647.72, 10546.15, and 10450.26 areas during the 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 100-bar MA (4-hourly) and above 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 200-bar MA (4-hourly) at 11115.29 and the 50-bar MA (Hourly) at 10930.98.
Technical Support is expected around 10667.70/ 9816.32/ 9861.42 with Stops expected below.
Technical Resistance is expected around 11190.92/ 11496.70/ 11551.18 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 Bearishly below MACDAverage.