Bitcoin (BTC/USD) encountered some light buying activity early in today’s Asian session as the pair traded as high as the 11,080.01 area, just below an important retracement area that represents the 38.2% retracement of the move from 6600.00 to 13,868.44. The next upside retracement level related to this range is the 12,153.09 area and the next downside retracement level related to the range is the 10,234.22 area. The pair came off after testing this area but found some Bids around the 10,836.86 level, just above the 61.8% retracement of the move from 8919.72 to 13,868.44.
As expected by chartists, good demand emerged around the 10,087.62 area during yesterday’s Asian and European sessions, representing the 76.4% retracement of the move from 8919.72 to 13,868.44. The next upside levels related to this range are the 10,810.13 and the 11,394.08 areas. Technicians also note that some Bids emerged around the 200-bar MA (4-hourly) area early in today’s Asian session when the pair was trading around the 10,742 level. In addition to the aforementioned upside price targets, BTC/USD will need to contend with the 100-bar MA (4-hourly) and 50-bar MA (4-hourly), currently indicating around the 11,395 and 11,574 levels.
Price activity is nearest the 200-bar MA (4-hourly) at 10,756.21 and the 100-bar MA (Hourly) at 11,069.17.
Technical Support is expected around 10,271.87/ 10,087.62/ 9,948.12 with Stops expected below.
Technical Resistance is expected around 11,510.44/ 11,759.02/ 12,063.68 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Ethereum (ETH/USD) gained ground early in today’s Asian session as the pair traded as high as the 234.58 area after some buying pressure emerged around the 227.98 level.