Ethereum / Breaking News / Bitcoin / Analytics
Bitcoin (BTC/USD) weakened early in today’s Asian session as the pair tested bids around the 10100.16 level after trading as high as the 10315.00 area during yesterday’s North American session. Following the pair’s recent move above the psychologically-important 10000 figure and depreciation back below, new trading ranges and areas of technical support and technical resistance have been established. Some of these levels are already having a technical impact on price activity. After trading as low as the 9612.12 level earlier in the week and then briefly trading back around the 10004.46 area, Stops were elected below the 9561.28 area during the pair’s extended weakness and drive lower, an area that represented a downside price objective related to the selling pressure that emerged this week around the 10400.00 and 10004.46 levels.
The next downside price objectives related to these levels include the 9363, 9118, and 8722 areas, below which Stops are likely in place. The recent buying pressure in BTC/USD has seen the price move back above the 100-bar MA (4-hourly) and 50-bar MA (4-hourly). The pair’s short-term outlook appears to have stabilised as the 50-bar MA (hourly) has again crossed above the 100-bar MA (hourly), and is converging with the 200-bar MA (hourly). Areas of potential technical support below the market include 9370.10, 9322.05, 9203.36, 9169.41, 9078.05, and 8880.87 among many others.
Price activity is nearest the 50-bar MA (4-hourly) at 10088.69 and the 200-bar MA (Hourly) at 10085.86.
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, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.