Bitcoin (BTC/USD) managed to erase most of its intraweek losses and continued to appreciate early in today’s Asian session, trading as high as the 10,742.87 area after very strong buying activity started during yesterday’s North American session. Traders lifted the pair from the 9,291.00 level, right around the 50% retracement of the move from 4,702.53 to 13,868.44, and later found support around the 10,367.06 area, representing the 38.2% retracement of the same range. Support around this level allowed BTC/USD to nearly test its 50-bar MA (4-hourly) and 200-bar MA (4-hourly).
Stops were elected above the 10,046.06 area during the pair’s ascent, representing the 23.6% retracement of the move from 13,202.63 to 9,071.00, before additional Stops were triggered above the 10,649.28 level, representing the 38.2% retracement of the same range. If the pair is able to escalate above the aforementioned moving averages, it may test the 100-bar MA (4-hourly), currently indicating around the 11,204.79 area. Additional upside price objectives include the 11,136 and 11,624 areas, followed by the 12,227 level.
Price activity is nearest the 50-bar MA (4-hourly) at 10,779.84 and the 200-bar MA (Hourly) at 10,793.82.
Technical Support is expected around 10,046.06/ 9,532.39/ 9,071.00 with Stops expected below.
Technical Resistance is expected around 11,136.82/ 11,510.44/ 12,227.57 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Ethereum (ETH/USD) showed ongoing strength early in today’s Asian session, extending the upward trajectory that propelled the pair higher during yesterday’s North American session. Traders pushed ETH/USD as high as the 227.60 area early in today’s Asian session after strong Bids lifted the pair from the 206.20 area,