Hot Topics

Advertisement

Advertisement

Technical Support Around 12889 Buoys BTC/USD During Pullback: Sally Ho's Technical Analysis 25 October 2020 BTC

 
Technical Support Around 12889 Buoys BTC/USD During Pullback:  Sally Ho's Technical Analysis 25 October 2020 BTC
Breaking News / Bitcoin / Analytics

Bitcoin (BTC/USD) weakened early in today’s North American session as the pair depreciated to the 12890.76 level after trading as high as the 13361.00 area during the Asian session.  Stops were elected below the 13210.37, 13117.18, 13041.86, and 12966.54 areas during the pullback lower, retracement levels related to the recent appreciating range from 12722.72 to 13361.00.   The next downside retracement levels in the depreciating range include 12873.35 and 12859.31.  Chartists observe that the sharp decline was finally paused around the 12889.78 area, representing the 61.8% retracement of the recent appreciating range from 12689.02 to 13200.00, with the next downside retracement levels in this range around the 12816.49 and 12805.44 areas.  Buying pressure recently emerged around the 12865 area, just below the 12872.93 area that represents the 61.8% retracement of the recent appreciating range from 12670.67 to 13200.  Another appreciating range that traders are monitoring is the ascent from 12698.02 to 13200.00.  Notably, bids emerged around the 12949.01 area recently, a level that represents the 50% retracement of the narrower appreciating range.  A couple of additional appreciating ranges that chartists are watching include the climb from 11201 to 13250.04, and the run-up from 11416.04 to 13250.04.  The 12766.47 and 12817.22 areas are significant potential areas of short-term technical support related to those appreciating ranges.  .  Above current price activity, traders are closely watching the 13488.49 and 13884.29 levels.

Following the pair’s recent ascent, traders are paying close attention to potential areas of technical support during pullbacks and these include the 12925.89, 12817.22, 12766.47, 12611.92, 12549.45, 12514.94, 12438.90, 12060.18, 11937.09, 11692.63, and 11531.52 areas.  Stops were recently elected above many additional upside price objectives including the 11120, 11179.90, 11272.86, 11378.11, 11409.40, 11489.10, 11857.25, 11915.92, and 12023.45 levels. Another important technical level includes 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 12312.39 and the 50-bar MA (Hourly) at 13016.65.

Technical Support is expected around 12055.03/ 11933.02/ 11811.01 with Stops expected below.

Technical Resistance is expected around 13361.00/ 13488.49/ 13868.44 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.

You can share this post!

Advertisement