Ethereum / Breaking News / Bitcoin / Analytics
Bitcoin (BTC/USD) was quite volatile early in today’s Asian session as the pair depreciated to the 9075.00 level before rocketing higher to the 9250.82 area. Traders observed some very technical trading during yesterday’s Asian and European sessions as the pair traded higher to the 9375.16 area, right around the 61.8% retracement of the 6815.28 – 13868.44 range. Selling pressure then commenced and knocked the pair lower to the 9123.22 area, right around the 50% retracement of the 10944.67 – 7301.77 range. Traders pushed the pair below the 50-bar MA (4-hourly) during the move lower.
The pair’s move lower has definitely shifted market sentiment to the bearish side, as the depreciation also coincided with a move below the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly). Below current market activity, technicians are observing the 8947.18 area as an important level, representing the 76.4% retracement of the 7427.00 – 13868.44 range. The 200-bar MA (4-hourly) is currently indicating just below this level, and this could provide some technical Support to BTC/USD. Thereafter, the 8847.43 area remains a significant level.
Price activity is nearest the 50-bar MA (4-hourly) at 9,244.05 and the 200-bar MA (Hourly) at 9,242.71.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Ethereum (ETH/USD) was volatile early in today’s Asian session as the pair weakened to the 184.14 level and then appreciated to the 187.43 area before softening.