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Bitcoin (BTC/USD) gave back some recent gains early in the Asian session as the pair consolidated after recently establishing a new lifetime high around the 66999 level following strong upward pressure that easily absorbed the previous lifetime high around the 64899 area. Stops were elected above key upside price objectives during the move higher, including the 65719.69 and 66380.94 levels, price areas related to buying pressure that emerged around the 53873 and 66380 levels. BTC/USD tested another upside price objective around the 67146.16 area that is also related to buying pressure around the 53873 level. Bids emerged right above the 50-hour simple moving average during the subsequent pullback.
As traders continue to accumulate long positions, there is renewed focus on upside retracement levels and areas of potential technical resistance including the 67146, 68515, 69449, 71974, and 73245 areas. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 61796, 60189, 58581, 56593, 57627, and 56293 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 60744.62 and the 50-bar MA (Hourly) at 64036.72.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 67146.16/ 68515.32/ 69449.40 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
