Ethereum / Breaking News / Bitcoin / Analytics
Bitcoin (BTC/USD) drifted higher early in today’s Asian session as the pair traded as high as the 9363.82 area after being supported around the 9210.00 level during yesterday’s European session. The pair continues to seek market direction following its spike to the 10540 area on 26 October, a move that was abrupt and quickly saw BTC/USD settle back around the 8918.47 area, representing the 50% retracement of the 7296.44 – 10540.49 range. Following that retracement, the pair has only once traded above the 9774.89 area, representing the 23.6% retracement of that range, and has generally orbited the 9301.26 area, representing the 38.2% retracement.
BTC/USD has generally been capped around that area during the several past trading sessions, unable to move through technical Resistance. The 50-bar MA (4-hourly) is now indicating just below that important 9301.26 area and that may help traders trying to absorb Offers above that area. The 50-bar MA (hourly) and 100-bar MA (hourly) are also converging and if the 50-bar MA (hourly) crosses above, it may yield some positive upside gains. Below current market activity, traders expect buying pressure around the 8929 and 8688 levels. Above current market activity, traders expect selling pressure around the 9430, 9532, and 9585 levels.
Price activity is nearest the 50-bar MA (4-hourly) at 9,262.74 and the 200-bar MA (Hourly) at 9,267.93.
Technical Support is expected around 8918.47/ 8535.67/ 8062.04 with Stops expected below.
Technical Resistance is expected around 9774.89/ 10540.49/ 10939.34 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.