Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair gained ground to the 9945.00 area after being driven lower to the 9750.00 area during yesterday’s North American session. Stops were triggered below the 9978.34 area during the move lower, representing the 23.6% retracement of the appreciation from 8216.71 to 10522.51, with more triggered below the 9849.55 area, representing the 23.6% retracement of the 6430.00 – 10522.51 range. After trading above the 10500 level last week, the pair depreciated back below the 10200 area as traders booked profits, leading to some additional speculation the pair might be unable to sustain its recent surge above the psychologically-important 10000 figure. Upside price objectives that BTC/USD moved above will be closely watched during pullbacks below current market levels.
These areas of potential technical support include the 10104, 10060, 10017, 9983, 9961, 9945, 9716, 9629, and 9565 levels, among many others. Another technically significant area of potential support is the 9596.92 area, representing the 76.4% retracement of the 10545.53 – 6526.00 range. Above current market levels, traders will continue to pay close attention to upside price objectives that BTC/USD could test. These levels include 10615, 10698, 10722, 10839, 10956, 11036, 11108, 11147, 11263, 11355, and 11393, among many others. Stops are anticipated above most of these levels, as some momentum traders will seek to capture some of the market’s upside once these levels are penetrated. The market’s recent technical support around the 9706 level has deepened the amount of upside price objectives.
Price activity is nearest the 100-bar MA (4-hourly) at 9755.10 and the 200-bar MA (Hourly) at 10083.16.
Technical Support is expected around 9370.10/ 9121.40/ 8760.28 with Stops expected below.
Technical Resistance is expected around 10534.04/ 10652.04/ 10698.24 with Stops expected above.
On 4-Hourly chart,