Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 29688.88 area after trading as low as the 28751.82 area during the Asian session, with the intraday high representing a fresh lifetime high. Traders are curious to see if the pair will challenge the psychologically-important 30000 figure. Stops were recently elected above the 29119.99 area, an upside price objective related to buying pressure that emerged around the 3858 area earlier this year. Stops were previously 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 28764.83, 28192.84, 27853.97, 27730.72, and 27268.59 areas. BTC/USD traded up more than 44% in January, and closed 2020 with a gain of approximately 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 26713.37 and the 50-bar MA (Hourly) at 28923.04.
Technical Support is expected around 25914.25/ 25510.87/ 24386.59 with Stops expected below.
Technical Resistance is expected around 29688.88/ 30456.39/ 31424.78 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 Bullishly above MACDAverage.