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Bitcoin (BTC/USD) worked to sustain recent strong gains early in the Asian session as traders booked some profits following a climb to a fresh all-time high around the 68568.85 level. Stops were elected above the 66999 area, the previous all-time high, as traders continue to add to long exposure amid a backdrop of ongoing positive technical sentiment. BTC/USD’s new all-time high represents a test of the 68515.32 area, an upside price objective related to buying pressure that emerged around the 58943.83 area.
Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 66576, 65343, 64346, 63350, 62117, and 61931 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 62881.23 and the 50-bar MA (Hourly) at 65496.29.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 68568.85/ 69449.40/ 77565.60 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.
