BTC/USD Orbiting 11272.86 After Depreciation: Sally Ho's Technical Analysis 13 October 2020 BTC

Bitcoin (BTC/USD) continued to trade below the 11500 level early in today’s Asian session as the pair worked to recover from its recent depreciation from the 11187.60 area during yesterday’s North American session.  Traders drove the pair lower to this level after Stops were elected below the 11272.86 area, representing the 23.6% retracement of the recent depreciating range from 11823.63 to 11102.73.  Market participants are working to discern market sentiment following the pair’s recent high print around the 11498.98 area, just above the 11489.10 level that represents the 38.2% retracement of the depreciating range from 12086.22 to 11120.00.   During Sunday’s North American session, BTC/USD was capped around the 11444.25 area before weakening to the 11272.86 area, right around the 23.6% retracement of the recent depreciation from 11823.62 to 11102.73.  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.  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 10938.15 and the 100-bar MA (Hourly) at 11182.36.

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 Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.