Bitcoin (BTC/USD) awaiting fresh market sentiment early in today’s Asian session as the pair continued to orbit the psychologically-important 9000 figure following an extension of very technical trading activity that has lasted for days. Buying pressure emerged around the 8659.82 level during yesterday’s Asian session, right around the 23.6% retracement of the depreciation from 9478.66 to 8407.00. Some Stops were later elected above the 8942.83 level, representing the 50% retracement of that depreciating range. Late last week, BTC/USD traded back below the 8800 area after trading as high as the 9075.98 area during a pullback higher. Another technical factor that impacted the pair’s recent retracement higher was the fact the 9069.29 area is right around the 61.8% retracement of the recent depreciation from 9478.66 to 8407.00. The technical relevance of this range was seen during the move higher when some Stops were elected above the 8942.83 level during the climb, a level that represents the 50% retracement of the depreciating range.
Large Stops were elected this week above several important levels including the 9362.24, 9214.67, 9082.20, 8763.40, 8405.58, 8162.36, 7832.92, and 7751.67 areas. Some of these areas are upside price objectives related to the buying activity that originated around 3858 and other levels, while other areas were downside price objectives related to selling pressure that commenced around the 9214.67 level. If BTC/USD is able to resume its upward trajectory, the traders will closely monitor additional upside price objectives around the 9575.05, 9750.51, and 9982.41 levels. When BTC/USD pulls back from current price activity, traders will pay close attention to some areas of potential technical support, including the 8324.00, 7967.33, 7610.66, 7423.22, and 7169.35 levels. Beyond these areas, traders will also pay close attention to levels including the 6959, 6767, 6403, 6383, 6291, and 6122 areas. Chartists are observing that the 50-bar MA (4-hourly) continues to indicate above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) continues to indicate above the 100-bar MA (hourly), and continues to indicate above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 8108.52 and the 50-bar MA (Hourly) at 8798.94.
Technical Support is expected around 8324.00/ 7967.33/ 7610.66 with Stops expected below.
Technical Resistance is expected around 9575.05/ 9750.51/ 9982.41 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.
from Crypto Daily™ https://cryptodaily.co.uk/2020/05/btc-usd-again-working-on-9000-foothold-sally-ho-technical-analysis-3-may-2020-btc-bitcoin
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