Bitcoin (BTC/USD) gained ground early in today’s Asian session as the pair appreciated to the 56623.68 level after trading as low as the 54663.41 level during the European session, with the interday low trading below the 61.8% retracement of the recent appreciating range from 52913.02 to 58002.48. During yesterday’s Asian session, BTC/USD was driven as low as the 53622.03 area in acute selling activity, representing a test of the 76.4% retracement of the depreciating range from 55469.98 to 47464.65. BTC/USD recently tested the psychologically-important 59500 level and some traders are contemplating the first test of the 60000 figure since mid-April. Stops were recently elected above the 55971.51 level during the ascent, representing the 50% retracement of the depreciating range from 64899 to 47044.01. The next upside retracement levels in this range include the 60685.22 and 61078.03 areas. The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area.
Significant Stops were also recently elected above multiple upside price objectives during the sharp climb including the 61065.64, 61463.38, 61732.54, and 62026.52 areas, levels related to buying pressure that originated around the 9819.83, 17580, and 16200 areas. Additional upside price objectives include the 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 16200, 17580, and 9819.83 levels. Potential technical support areas during pullbacks include the 46219.32, 45472.23, 44900.82, and 44373.66 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 55921.69 and the 200-bar MA (Hourly) at 56948.12.
Technical Support is expected around 47044.01/ 46556.35/ 41851.15 with Stops expected below.
Technical Resistance is expected around 64899/ 66200/ 66739.76 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.