Bitcoin (BTC/USD) strengthened early in today’s North American session as the pair traded as high as the 11447.62 level after trading as low as the 11326.03 area during the Asian session. Traders observed that BTC/USD ran out of steam around the 11474.34 area, representing the 38.2% retracement of the recent depreciating range from 11736.02 to 11312.59. 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. During the recent pullback lower, BTC/USD remained above the 11179.00 area, a technically significant level. 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 and 100-hour simple moving average are converging.
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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 11393.18 and the 200-bar MA (Hourly) at 11396.21.
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.