Bitcoin (BTC/USD) continued to search for direction early in today’s Asian session as traders continue to keep the pair confined to a relatively tight range. BTC bulls continue to eye the psychologically-important 12,000 figure, especially after several recent tests of the technically-important 11,978.03 area, representing the 38.2% retracement of the move from 8,919.72 to 13,868.44. BTC bears continue to find headwinds around the 11,439 and 11,394 areas, both of which represent important technical levels. Additionally, the 50-bar MA (4-hourly) is now indicating around the 11,415.93 level.
Below these areas, Bids appear to be stronger around the 11,136.82 area, representing the 50% retracement of the move from 13,202.63 to 9,071.00. A couple of additional technical levels are limiting BTC/USD’s ability to react to new sentiment. On the upside, the 12,052.92 area has been tested multiple times and represents the 76.4% retracement of the move from 12,320.40 to 11,187.00. On the downside, the 11,454.48 level has been tested a couple of times and represents the 23.6% retracement of the same range. Chartists also continue to eye the 11,950.79 level, representing the 76.4% retracement of the move from 13,204.24 to 7,893.01.
Price activity is nearest the 50-bar MA (4-hourly) at 11,415.93 and the 50-bar MA (Hourly) at 11,795.93.
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 Bearishly below MACDAverage.
Ethereum (ETH/USD) continued to orbit the technically-significant 209.75 level early in today’s Asian session as traders continue to reprice risk following the pair’s depreciation from the 239.45 level last week.