Ethereum / Breaking News / Bitcoin / Analytics
Bitcoin (BTC/USD) came off to the 9355.01 level early in today’s Asian session after the pair traded as high as the 9600.00 level during yesterday’s North American session, its strongest print since 28 October. Stops were elected above the 9547.75 area during the move higher, representing the 61.8% retracement of the 10939.34 – 7296.44 range. Price activity had been orbiting the the 9123.22 area, an important level that represents the 50% retracement of the 10944.67 – 7301.77 range. During Sunday’s European session, the pair declined below the 9301.26 area, another important level that represents the 38.2% retracement of the 7296.44 – 10540.49 range. The move lower also coincided with a decline and several closes below the 50-bar MA (4-hourly), its first close below this indicator since 25 October.
BTC/USD is back trading above its 200-bar MA (hourly), 50-bar MA (hourly), and 100-bar MA (hourly), indications of improving sentiment and a strengthening market bias. Below current market activity, chartists are paying attention to the 8918.47 and 8535.67 areas, representing the 50% and 61.8% retracements of the aforementioned 7296.44 – 10540.49 range. Traders also expect some buying pressure could emerge around the 8947.18 area, representing the 76.4% retracement of the 7427.00 – 13868.44 range. Above current market activity, the 9774.89 is an important upside level, representing the 23.6% retracement of the 7296.44 – 10540.49 range.
Price activity is nearest the 50-bar MA (4-hourly) at 9,273.68 and the 200-bar MA (Hourly) at 9,284.25.
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.