Bitcoin (BTC/USD) appreciated sharply early in today’s North American session as the pair traded as high as the 11679.96 level after trading as low as the 11408.52 area during the Asian session. Stops were elected above the 11531.64, 11609.76, and 11621.53 areas during the ascent, retracement levels related to the recent depreciation from 11736.02 to 11201.00. Above current price activity, upside price objectives include the 11707.73, 11858.19, 11992.15, 12112.97, 12173.80, and 12348.26 levels. Traders continue to carefully monitor market demand around the 11282.19 area, representing the 23.6% retracement of the appreciating range from 9813.00 to 11736.02. Additional retracement levels in this depreciating range include 11001.43, 10774.51, 10547.59, and 10268.83. Traders are also carefully monitoring the 11857.25 area, representing the 76.4% retracement of the depreciating range from 12086.22 to 11120.00. Stops were recently elected above many additional upside price objectives including the 11120, 11179.90, 11272.86, 11378.11, 11409.40, and 11489.10 levels en route to multi-week highs. Additional upside price objectives include the 11804.29, 11879.45, 11992.15, and 12112.97 areas. Chartists are observing that the 50-hour simple moving average has bullishly moved above the 200-hour simple moving average.
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 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 11413.36 and the 50-bar MA (Hourly) at 11433.91.
Technical Support is expected around 10610.94/ 10459.89/ 10135.22 with Stops expected below.
Technical Resistance is expected around 11992.15/ 12086.00/ 12486.61 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.