Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair climbed to the 11,945.00 area after finding technical Support around the 11,645.32 area during yesterday’s European and North American sessions, representing the 38.2% retracement of the move from 8,048.75 to 13,868.44. Bulls continue to chip away at the 11,978.03 area, a level that has served as technical Resistance over the past several trading sessions with a little bit of trading activity above it. The pair continues to trade well above its 50-bar MA (4-hourly) and continues to oscillate above and below its 50-bar MA (hourly). The 11,950 level continues to draw serious interest from traders as it represents a downside price objective that developed when the pair descended from the 13,204 level in July.
BTC/USD bears are observing additional downside price objectives related to the depreciation from the 13,204 level, including 11,175 and 10,548. Chartists are observing a recent range that saw the pair trade between 12,320.40 and 11,187.00 and how price activity reacted at retracement levels related to that range. Offers emerged around the 12,052.92 area, representing the 76.4% retracement of the range, while Bids were seen around the 11,154.48 level, representing the 23.6% retracement of the range. Additional important upside price targets include the 12,367.56 and 12,873.12 levels.
Price activity is nearest the 50-bar MA (4-hourly) at 11,327.19 and the 50-bar MA (Hourly) at 11,813.32.
Technical Support is expected around 11,175.35/ 10,688.61/ 10,271.87 with Stops expected below.
Technical Resistance is expected around 12,367.56/ 12,873.12/ 13,488.49 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.
Ethereum (ETH/USD) moderated early in today’s Asian session after the pair dipped lower and traded as low as the 206.50 area,