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Bitcoin (BTC/USD) continued to remain rangebound early in the North American session as the pair attracted strong two-way trading activity above the 54000 figure after recently peaking around the 56113 level, its strongest print following its acute decline in May. This recent all-time high represented a test of the 56379 area, the 76.4% retracement of the broad depreciating range from 64899 to 28800. Above this area, the 57173 level represents the 78.6% retracement of this depreciating range.
Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 52215, 49805, 47856, 45907, 43497, and 43133 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 51402.68 and the 50-bar MA (Hourly) at 54626.53.
Technical Resistance is expected around 55841.04/ 56379.64/ 57173.81 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
