Bitcoin (BTC/USD) added to its recent climb above the 11000 figure early in today’s Asian session as the pair’s positive market sentiment continues to result in traders adding to long positions. Strong buying pressure emerged around the 10532.11 area late last week, and Stops were elected above the 10962.34 area, a level that represents the 61.8% retracement of the recent appreciating range from 8055.91 to 13868.44. Stops were also 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 BTC/USD’s recent high of 11498.98. Additional upside price objectives include the 11707.13, 11804.29, 11879.45, 11992.15, and 12112.97 areas. Market sentiment appears to continue to favour an appreciating BTC/USD. Chartists are observing that the 50-bar 4-hourly simple moving average has bullishly moved above the 100-bar 4-hourly 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 10744.64 and the 50-bar MA (Hourly) at 11036.18.
Technical Support is expected around 10610.94/ 10459.89/ 10135.22 with Stops expected below.
Technical Resistance is expected around 11510.44/ 11707.73/ 11992.15 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.