BTC/USD Extends Glide Higher from 10363.76: Sally Ho's Technical Analysis 5 October 2020 BTC

Bitcoin (BTC/USD) continued to add to recent steady gains early in today’s Asian session as the pair sought to extend its upside progress from its recent low around the 10363.76 area.  Following the recent steady climb, upside progress was limited by the 100-hour simple moving average and 200-bar 4-hourly simple moving average.  One appreciating range that traders are closely watching is the recent appreciation from 10135.22 to 10956.11, with the 10545.67 area representing the 50% retracement and the 10642.53 area representing the 38.2% retracement.  One depreciating range that traders are also closely observing is the broader depreciation from 11179.90 to 10135.22, with the 10657.56 area representing the 50% retracement and the 10534.29 area representing the 38.2% retracement.  Technical trading recently became evident after the pair reached the 10427.75 area, as the rebound was capped just below the 10679.87 area, representing the 50% retracement of the depreciation from 10931.98.  Chartists are observing that the 50-bar 4-hourly simple moving average is bullishly converging with the 100-bar 4-hourly simple moving average.   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 100-bar MA (4-hourly) and above the 200-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 200-bar MA (4-hourly) at 10637.21 and the 100-bar MA (Hourly) at 10623.79.

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 Bullishly above MACDAverage.