Bitcoin (BTC/USD) depreciated early in today’s Asian session as the pair came off to the 9501.66 area after peaking around the 10030.00 level during yesterday’s Asian session. Stops were elected below the 9759 and 9561 areas during yesterday’s pullback. Traders have bid the price higher from the 9280.98 area following its rapid crash from the 10315.00 area last week, selling pressure that actually began days earlier when the price peaked around the 10400.00 level. Chartists observed that the pair briefly traded above the 10804.10 level, an area related to downside price objectives that emerged after selling pressure started around the 10400 level. Downside levels related to this range include the 9363 and 9118 levels.
Another related range that traders are watching is the move from 10315.00 to 9280.98. During the move higher, traders were unable to test the 10070.97 level, representing the 76.4% retracement of this range, and that set the stage for lower price activity around other retracement levels in that range including the 9920, 9797, 9675, and 9525 areas. The pair’s high during the move higher was also not too far above the 100-bar MA (4-hourly), and this is also pressuring BTC/USD lower. Traders are split whether bullish sentiment or bearish sentiment will prevail in the short-term. Below current market activity, traders anticipate bids around the 9169.41, 8911.79, and 8739.96 areas. Above current market activity, traders anticipate offers around the 10167, 10215, and 10397 levels.
Price activity is nearest the 200-bar MA (4-hourly) at 9520.94 and the 100-bar MA (Hourly) at 9730.11.
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 Bearishly below MACDAverage.