Ethereum / Breaking News / Bitcoin / Analytics
Bitcoin (BTC/USD) extended its recent depreciation early in today’s Asian session as the pair traded as low as the 8712.52 area. Selling pressure commenced during yesterday’s Asian session from the 9244.18 area, knocking BTC/USD lower to the 8915.00 area by the European session. Some short covering took place around that level as it is right around the 50% retracement of the 7296.44 – 10540.49 range. BTC/USD Bears then resumed their intraday carnage, electing Stops below the 8840.73 area, representing the 50% retracement of the 10382.08 – 7299.37 range. Additional Stops were then triggered below the 8688.03 area, representing the 38.2% retracement of the 10939.34 – 7296.44 range, en route to the daily low of 8660.00. This print is the pair’s weakest showing since late October.
Some of the pair’s trading activity continues to be dominated by longer-term trading ranges. In particular, the high following the recent appreciation to the 10540.49 area in late October was 9939.69, a print on 27 October that is right around a relative historic high of 9948.12. The next level of technical Support related to that range is 8338.78. Chartists observe that the pair had orbited the 50-bar MA (4-hourly) for about one week prior to yesterday’s move, and BTC/USD is now trading between the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Traders are also noting that the 100-bar MA (hourly) has just crossed above the 50-bar MA (hourly) and the 50-bar MA (hourly) has just crossed below the 200-bar MA (hourly), both of which are Bearish developments. Below current market activity, traders anticipate some buying demand between the 8502 level.
Price activity is nearest the 100-bar MA (4-hourly) at 9,007.79 and the 50-bar MA (Hourly) at 9,101.61.