Bitcoin (BTC/USD) continued to trade above the 9500 level early in today’s Asian session as the pair reached the 9735.13 level during yesterday’s North American session before declining to the 9631.32 area. One short-term recent depreciating range has involved the move from 9888 to 9526.03, and the pair encountered selling pressure below the 9749.73 area during yesterday’s price activity, representing the 61.8% retracement of this range. A wider range is the recent appreciation from 9270 to 9888, and the 9742.15 area represents the 23.6% retracement of this range, another indication that the pair’s recent trading activity may be bearish. Stops were reached this week below the 10004.36, 9742.28, 9530.47, and 9318.65 areas, retracement levels related to the recent appreciation from 8632.93 to 10428.00. Another very important range is the appreciation from 8106.70 to 10428.00, and Stops were triggered below some of its related retracement levels including the 9880.18 and 9541.26 areas. Notably, the 9267.35 area represents the 50% retracement of this range, and traders stopped just short of testing it during the rapid depreciation.
Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, the broader appreciation from 3858.00 to 10079.00, and the appreciation from 8632.93 to 10428.00. Important technical levels related to these ranges include 9530.47, 9318.65, 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others. 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 9630.11 and the 100-bar MA (Hourly) at 9664.76.
Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below.
Technical Resistance is expected around 10428.00/ 10661.23/ 10735.13 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.