Bitcoin (BTC/USD) staged a small recovery early in today’s North American session as the pair traded as high as the 11561.45 level after trading as low as the 11388.00 area during the European session, representing a test of the 50% retracement of the recent appreciating range from 11120.00 to 11662.72. This intraday low was just below the 11397.10 area, a level that represents the 61.8% retracement of the appreciating range from 11187.60 to 11736.02. During today’s Asian session, BTC/USD printed as high as the 11736.02 area after some Stops were elected above the 11601.04 area, representing the 78.6% retracement of the recent depreciating range from 12086 to 9819.83. Traders are 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-bar 4-hourly simple moving average has recently 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 11044.79 and the 50-bar MA (Hourly) at 11440.35.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.