Bitcoin (BTC/USD) came off early in today’s North American session as the pair depreciated to the 28000 area after trading as high as the 29321.90 area during the Asian session, a fresh lifetime high. Stops were elected above the 29119.99 area, an upside price objective related to buying pressure that emerged around the 3858 area earlier this year. Buying demand around the 50-hour simple moving average halted BTC/USD’s decline during the North American session. Additional Stops were triggered above the 27079.78, 27388.28, 27769.99, and 28387 levels during the pair’s ascent. Some bullish clues emerged after BTC/USD was supported above the 25667.32 area during recent pullbacks, a previous upside price objective related to buying pressure that emerged earlier this year around the 3858 area. Additional upside price objectives include the 30456.39 and 31424.78 areas.
Following the pair’s recent moves to successive all-time highs, downside retracement levels and areas of potential technical support include the 27966.05, 27573.60, 26550.81, 26225.13, and 26109.08 areas. BTC/USD has recently traded up more than 44% month-to-date, and is poised to close the year with approximately a gain of 292%. Traders 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 26010.09 and the 50-bar MA (Hourly) at 28089.10.
Technical Support is expected around 25914.25/ 25510.87/ 24386.59 with Stops expected below.
Technical Resistance is expected around 29321.90/ 30456.39/ 31424.78 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.