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Bitcoin (BTC/USD) sought to retain its recent upward bias early in the North American session as the pair continues to orbit the 62000 figure following a recent print as low as the 59887.74 area. Traders took BTC/USD above a recent relative high around the 62910 level during yesterday’s Asian session. Technical support recently emerged around the 56866.04 area, representing the 23.6% retracement of the appreciating range from 37300 to 62910, and a level that was also around the 50-hour simple moving average.
As traders continue to accumulate long positions, there is renewed focus on upside retracement levels and areas of potential technical resistance including the 63312, 63681, 64508, 64899, 66380, and 69449 areas. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 58391, 58144, 57408, 57325, 57019, 56006, 55628, and 54381 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 58127.42 and the 50-bar MA (Hourly) at 61126.79.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 62910/ 63831.82/ 64899 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.
