Bitcoin (BTC/USD) continued its descent early in today’s Asian session as the pair weakened to the 8602.00 area after selling pressure emerged around the 9425.00 level during yesterday’s Asian session. The pair has steadily eroded after encountering selling pressure around the 10030.00 area during Monday’s North American session. The recent gyrations that have seen price activity peak around the 10522.51 level before receding lower below the psychologically-important 9000 figure have traders focusing on both upside price objectives and downside price objectives. The 9561.24, 9363.20, 9118.37, and 9722.47 areas were downside price objectives related to the depreciation from the 10400.00 area and subsequent selling pressure around the 10004.46 area, and Stops were elected below these levels during the pullback.
Some additional important levels that traders are watching include the 8739.96 and 8298.90 levels. Other important downside price objectives included the 9127, 9078, 8992, 8911, and 8880 areas, and Stops were reached below these levels during yesterday’s European and North American sessions. Above recent market activity, the 10513.53 is an important upside target, and it was right around the recent relative high of BTC/USD. The next upside level related to 10513.53 is the 10956.95 area. Additional upside price objectives include the 10615, 10651, 10698, 10718, and 10784 areas.
Price activity is nearest the 50-bar MA (4-hourly) at 9675.99 and the 50-bar MA (Hourly) at 9368.49.
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.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Ethereum (ETH/USD) extended its recent sell-off early in today’s Asian session as the pair traded as low as the 215.33 area after strong selling pressure reignited bears around the 253.00 area during yesterday’s Asian session.