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12872.93 Emerges as BTC/USD Technical Support: Sally Ho's Technical Analysis 23 October 2020 BTC

12872.93 Emerges as BTC/USD Technical Support: Sally Ho's Technical Analysis 23 October 2020 BTC

Bitcoin (BTC/USD) ceded some gains early in today’s North American session as the pair depreciated to the 12946.35 level after trading as high as the 13200 area during the Asian session.  Buying pressure emerged around the 12865 area during the European session, just below the 12872.93 area that represents the 61.8% retracement of the recent appreciating range from 12670.67 to 13200.  Another appreciating range that traders are monitoring is the ascent from 12698.02 to 13200.00.  Notably, bids emerged just below the 12949.01 area during the North American session, an area that represents the 50% retracement of the narrower appreciating range.  A couple of additional appreciating ranges that chartists are watching include the climb from 11201 to 13250.04, and the run-up from 11416.04 to 13250.04.  The 12766.47 and 12817.22 areas are significant potential areas of short-term technical support related to those appreciating ranges.  The pair has recently traded as high as the 13250.04 area, its strongest print since June 2019Above current price activity, traders are closely watching the 13488.49 and 13884.29 levels.

Following the pair’s recent ascent, traders are paying close attention to potential areas of technical support during pullbacks and these include the 12925.89, 12817.22, 12766.47, 12611.92, 12549.45, 12514.94, 12438.90, 12060.18, 11937.09, 11692.63, and 11531.52 areas.  Stops were recently elected above many additional upside price objectives including the 11120, 11179.90, 11272.86, 11378.11, 11409.40, 11489.10, 11857.25, 11915.92, and 12023.45 levels. Another important technical level includes 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 bullishly indicating above 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 50-bar MA (4-hourly) at 11916.83 and the 50-bar MA (Hourly) at 12891.56.

Technical Support is expected around 12055.03/ 11933.02/ 11811.01 with Stops expected below.

Technical Resistance is expected around 13250.04/ 13488.49/ 13868.44 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.

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