Bitcoin (BTC/USD) tried to sustain recent gains early in today’s Asian session as traders detected some increasingly positive sentiment with the pair’s escalation higher to the 9399.00 level during yesterday’s European session. Some minor Stops were elected above the 9362.24 level during the pair’s ascent, an upside price objective related to buying pressure that emerged around the 3858.00 area in March. During the pair’s pullback during yesterday’s North American session, Stops were reached below the 9194.86 area, representing the 23.6% retracement of the recent appreciation from 8533.98 to 9339.00. The next downside areas of technical support in this range include the 9068.56, 8966.49, 8864.42, and 8738.12 levels. Large Stops were elected last 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, and traders will closely monitor these levels when they are tested again. 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, 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 additional 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) and 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) bullishly moved 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 8741.52 and the 50-bar MA (Hourly) at 8968.98.
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 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/can-btc-usd-sustain-9000-sally-ho-technical-analysis-7-may-2020-btc-bitcoin
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