Bitcoin (BTC/USD) extended its move higher early in today’s North American session as the pair appreciated to the 32099.99 area after trading as low as the 29891.13 area during the Asian session. During the Asian session, BTC/USD traded as high as the 32890 level, below the 33126.85 area that represents the 76.4% retracement of the recent depreciating range from 34810 to 27678. Early in the North American session, the move higher was technically limited by the 61.8% retracement of the same depreciating range. Chartists note that the intraday low area was right around the 38.2% retracement of the recent appreciating range from 21913.84 to 34810. BTC/USD recently peaked at a fresh lifetime high of 34810 yesterday before coming off. Stops were elected below many retracement areas during this week’s pullback lower, including the 32667.16, 31766.51, 31357.69, 30743.72, 30418.04, 30218.69, 29395.73, and 28258.75 levels.
Stops were recently elected above some upside price objectives today including 34446.27, 34603.65, and 34697.35, levels that are technically significant due to previous buying activity that originated around the 17580, 21913.84, and 16200 area. Additional upside price objectives include the 34937.10, 35300, 35943.73, and 36480.83 areas. Following the pair’s recent moves to successive all-time highs, downside retracement levels and areas of potential technical support include the 27028.64, 26761.87, 25833.73, 25008.84, 24594.94, 24090.75, and 23337.14 levels. BTC/USD traded up more than 44% in January, and closed 2020 with a gain of approximately 292%. 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 29824.20 and the 100-bar MA (Hourly) at 31609.00.
Technical Support is expected around 27505.33/ 26195.00/ 25505.00 with Stops expected below.
Technical Resistance is expected around 34937.10/ 35300.00/ 35943.73 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.
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