Bitcoin (BTC/USD) gained a small amount of ground early in today’s Asian session as the pair climbed higher to the 10389.26 area, stopping just short of again testing the 50-bar MA (4-hourly), currently indicating around the 10421.34 area. The 50-bar MA (4-hourly) and the 200-bar MA (4-hourly) are converging and if the 50-bar MA (4-hourly) crosses above, it could represent Bullish price activity ahead. During yesterday’s European session, the pair stopped just short of testing the 10046.06 area, representing the 23.6% retracement of the 13202.63 – 9071.00 range.
After this move lower yesterday, the pair quickly escalated to multi-session highs and traded above the 200-bar MA (4-hourly) before receding and finding technical Support just above the 100-bar MA (4-hourly). Traders may face some short-term price pressures as price activity continues to trade below the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly). Upside price objectives include the 10,956.99, 11,136.82, and 11,333.91 areas.
Price activity is nearest the 50-bar MA (4-hourly) at 10,421.34 and the 50-bar MA (Hourly) at 10,373.44.
Technical Support is expected around 9,765.93/ 9,532.39/ 9,265.49 with Stops expected below.
Technical Resistance is expected around 10,833.14/ 11,136.82/ 11,759.72 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Ethereum (ETH/USD) appreciated in today’s Asian session and reached the 184.55 level, just above the 76.4% retracement of the move from 186.00 to 178.41. During yesterday’s European session, the pair remained bid above the 50-bar MA (4-hourly), a Bullish indication that short-term price sentiment could be positive. Traders are waiting to see if the pair can establish a constructive base at or above the 100-bar MA (4-hourly),