Bitcoin (BTC/USD) appreciated to the 12,088.00 area early in today’s Asian session as the pair continues to seek upward momentum following its test of the 12,320 area earlier this week. The market started to move higher on 28 July with conviction when price activity was around the 9,108 area and has generally been Bid since then, other than some profit-taking during Tuesday’s trading activity. The pair is now trading above its 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly) and chartists are observing a continued bullish convergence of the 50-bar MA (4-hourly) and the 200-bar MA (4-hourly).
The 11,950 area remains a very important technical level that technicians are closely observing, with its significance have been confirmed on Tuesday when a significant amount of Stops were elected above that area. The area was a downside price extension objective related to the pair’s high around 13,202 on 10 July. Similarly, the 11,175 level is another important downside price extension objective related to the pair’s high of 13,202 on 10 July. Other important downside price targets that traders are closely monitoring following a possible retracement lower include the 10,548, 9,921, and 9,146 areas.
Price activity is nearest the 50-bar MA (4-hourly) at 10,844.16 and the 50-bar MA (Hourly) at 11,734.23.
Technical Support is expected around 11,175.35/ 10,688.61/ 10,271.87 with Stops expected below.
Technical Resistance is expected around 12,367.56/ 12,873.12/ 13,488.49 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.
Ethereum (ETH/USD) gained ground higher to the 227.09 area early in today’s Asian session as the pair continues to trade above the psychologically-important 200 figure but has been unable to sustain a move above the 235 area,