Published
3 years ago on
November 08, 2020
Bitcoin (BTC/USD) scored back some recent losses early in today’s North American session as the pair appreciated to the 15337.05 area after trading as low as the 14310.00 area late in yesterday’s North American session, a test of the 14310.71 area that represents the 38.2% retracement of the recent appreciating range from 13215.00 to 14988.00. Stops were elected above the 14947.05, 15143.84, and 15340.62 areas during the move higher, retracement levels related to the recent depreciation from 15977.67 to 14310.00. BTC/USD’s recent 2020 high of 15977.67 represents a test of the 15996.17 area, an upside price objective related to buying pressure that emerged around the 6430 area. Additional downside retracement levels include the 14922.33, 14753.84, 14596.34, and 14465.02 areas. Additional upside price objectives include the 16085.25 levels, 16125.14, 16275.77, 16690.89, 16815.04, and 16945.67 levels. Following the pair’s recent ascent, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14101.50 and 13989.55 levels.
Stops were recently elected below the 13609.26, 13451.74, 13224.44, and 13197.13 levels during the recent pullback, levels related to the recent appreciating range from 12785.00 to 13863.87. Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Another important technical level includes the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89. 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 14399.05 and the 50-bar MA (Hourly) at 15296.90.
Technical Support is expected around 13260.30/ 12847.95/ 12563.28 with Stops expected below.
Technical Resistance is expected around 15996.17/ 16125.14/ 16293.88 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 Bullishly above MACDAverage.
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