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Bitcoin (BTC/USD) sought to maintain upward momentum early in the Asian session as the pair continued to add to recent gains above the 59064.97 level, representing the 23.6% retracement of the appreciating range from 29301.56 to 66950. Stops were elected above the 63599.58 area, representing the 61.8% retracement of the recent depreciating range from 66999 to 58100. Additional upside retracement levels in the depreciating range include the 64898.84 and 65094.61 levels.
BTC/USD recently tested the 58265 level multiple times, representing a downside price objective related to selling pressure that recently intensified around the 63750 level. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 56593, 57627, and 56293 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 61822.03 and the 100-bar MA (Hourly) at 61567.52.
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 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
