Bitcoin (BTC/USD) extended its recent gains early in today’s North American as the pair climbed to the 19442.01 area after trading as low as the 19051.27 level during the Asian session, with the intraday high representing a test of the 78.6% retracement of the depreciating range from 19915.14 to 17580.00. Chartists observe that BTC/USD remained above 19142.87 during its ascent, a level that represents the 76.4% retracement of the narrower depreciating range from 19625.44 to 17580.00. Traders are closely monitoring BTC/USD to see if it will test the psychologically-important 20000 figure after eclipsing the previous all-time high of 19891.99. Traders drove BTC/USD lower to test the 17580.00 level last week, representing a test of the 61.8% retracement of the recent appreciating range from 16200 to 19915.14. During the pullback this past week, Stops were elected below the 18057.57 area, representing the 50% retracement of the appreciating range.
Below recent price activity, potential areas of technical support include the 17355.69, 17315.28, 17112.57, 17076.77, 16995.04, 16701.07, 16608.52, 16565.07, and 16451.16 levels. Above current price activity, additional upside price objectives include the 20311.36, 20534.46, and 21909.24 areas, levels that relate to buying pressure that emerged earlier this year around the 6430.00 and 6854.67 areas. 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 bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 18846.33 and the 50-bar MA (Hourly) at 19223.48.
Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.
Technical Resistance is expected around 19915.14/ 20311.36/ 21909.24 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.