Bitcoin (BTC/USD) continued to hover around some key technical levels early in today’s Asian session as the pair continues to orbit the 10,367.06 area, representing the 38.2% retracement of the move from 4,702.53 to 13,868.44. The pair did not really deviate from this area during yesterday’s Asian session or European session. The pair traded as low as the 9,470.00 level this week, its weakest print since late July and a level that is right around the 50% retracement of the move from 5,072.01 to 13,868.44. Given the pair’s recovery back above the psychologically-important 10,000 figure, its short-term bias is questionable.
Below current market activity, the 9,921, 9,758, and 9,689 areas were levels that traders challenged on the downside, triggering Stops below. Above current market activity, the 10,548.63 and 11,032.37 were originally downside price objectives that BTC/USD Bulls will attempt to test again. Chartists are observing the 50-bar MA (4-hourly) above current market activity, currently indicating around the 10,899.27 area. Upside price targets include the 10,810.13 and 11,136.02 levels.
Price activity is nearest the 200-bar MA (4-hourly) at 10,529.24 and the 100-bar MA (Hourly) at 10,337.96.
Technical Support is expected around 9,765.93/ 9,265.49/ 8,919.72 with Stops expected below.
Technical Resistance is expected around 10,638.50/ 10,810.13/ 11,136.82 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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Ethereum (ETH/USD) continued to orbit a key technical level early in today’s Asian session as the pair continues to trade around the 183.33 area, representing the 23.6% retracement of the move from 515.88 to 80.60. Notably, the pair traded as low as the 171.00 figure this week,