Bitcoin (BTC/USD) vaulted higher early in today’s North American session as the pair appreciated to the 34810 area after trading as low as the 30188 area during the Asian session, with the intraday high representing yet another fresh lifetime high. Explosive price activity this weekend saw the pair rocket to a previous all-time high around the 33,300 level and then drop precipitously to the 30188 area as stronger longs knocked out weaker longs. Stops were elected above some upside price objectives today including 34446.27, 34603.65, and 34697.35, levels that are technically significant due to previous buying activity that originated around the 17580, 21913.84, and 16200 area. Additional upside price objectives include the 34937.10, 35300, 35943.73, and 36480.83 areas.
Following the pair’s recent moves to successive all-time highs, downside retracement levels and areas of potential technical support include the 32667.16, 31766.51, 31357.69, 30743.72, and 30418.04 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 28554.10 and the 50-bar MA (Hourly) at 31244.97.
Technical Support is expected around 30242.29/ 29388.13/ 28697.78 with Stops expected below.
Technical Resistance is expected around 34937.10/ 35300/ 35943.73 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.