Bitcoin (BTC/USD) exhibited some weakness early in today’s Asian session as the pair weakened to the 9621.03 area after being capped around the 9855.00 area during yesterday’s European session, right around the 50% retracement of the recent depreciation from 10428 to 9270. Following the headwinds that the pair encountered around the 9880.17 level during Thursday’s trading activity, the pair is experiencing some short-term weakness. The pair has been supported in the short-term above the 9579.00 area, representing the 50% retracement of the recent appreciation from 9270.00 to 9888.00. Stops were reached this week below the 10004.36, 9742.28, 9530.47, and 9318.65 areas, retracement levels related to the recent appreciation from 8632.93 to 10428.00. Another very important range is the appreciation from 8106.70 to 10428.00, and Stops were triggered below some of its related retracement levels including the 9880.18 and 9541.26 areas. Notably, the 9267.35 area represents the 50% retracement of this range, and traders stopped just short of testing it during the rapid depreciation. During the recent move higher, Stops were reached above the 8890.13, 8969.58, 9049.03, and 9147.33 areas, 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. Traders have been closely monitoring the 9613.54 and 9656.93 areas, representing the 76.4% and 78.6% retracements of the recent depreciation from 10079.00 to 8106.70. 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 above 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 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 9617.29 and the 100-bar MA (Hourly) at 9711.52.
Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below.
Technical Resistance is expected around 10428.00/ 10661.23/ 10735.13 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
from Crypto Daily™ https://cryptodaily.co.uk/2020/06/bearish-headwinds-at-9849-for-btc-usd-sally-ho-technical-analysis-6-june-2020-btc-bitoin
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