Bitcoin (BTC/USD) pulled slightly back early in today’s Asian session as the pair came off from the 9538.97 level after notching strong gains during yesterday’s North American session. Some Stops were elected above the 9510.34 area during the ascent, representing the 23.6% retracement of the recent appreciation from 8106.70 to 9943.93. Chartists have observed recent buying pressure around the 8695.01 area, representing the 38.2% retracement of the recent appreciation from 6456.00 to 10079.00. During the recent move higher, Stops were reached above the 8890.13, 8969.58, 9049.03, and 9147.33 areas during the ascent, representing the 38.2%, 50%, 61.8%, and 76.4% retracements of the recent depreciation from 9306.23 to 8632.93. Traders have also recently triggered Stops above the 9318.50 level, right around the 50% retracement of the recent depreciation from 9836.99 to 8800.00.
Additional important price retracement levels that traders are monitoring include the 9440.86 and 9592.26 levels. Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, and the broader appreciation from 3858.00 to 10079.00. Important technical levels related to these ranges include 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 9280.94 and the 200-bar MA (Hourly) at 9116.48.
Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below.
Technical Resistance is expected around 10079.00/ 10316.39/ 10661.23 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.
from Crypto Daily™ https://cryptodaily.co.uk/2020/05/btc-usd-bulls-challenge-9510-offers-sally-ho-technical-analysis-29-may-2020-btc-bitcoin
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