Bitcoin (BTC/USD) continued to trade sideways early in today’s Asian session as the pair continued to be challenged around the 9816 level, representing the 50% retracement of the move from 13202.63 to 6430.00. Recent short-term selling has taken place below the 9836.99 area, a recent relative high from late May where selling pressure took place. During the pair’s depreciation over the weekend, bids emerged just below the 9377.04 area, a downside price objective related to the late May selling pressure that originated around the 9836.99 area. One recent trading range is the recent appreciation from 9270 to 9888, and the 9742.15 area represents the 23.6% retracement of this range, another indication that the pair’s recent trading activity may be bearish. 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 recent rapid depreciation.
Market sentiment appears to be weakening in the short-term, and this could result in another test of the psychologically-important 9000 figure. 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, the broader appreciation from 3858.00 to 10079.00, and the appreciation from 8632.93 to 10428.00. Important technical levels related to these ranges include 9530.47, 9318.65, 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 below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 9673.19 and the 100-bar MA (Hourly) at 9688.97.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
from Crypto Daily™ https://cryptodaily.co.uk/2020/06/historical-9816-level-is-bearishly-challenging-for-btc-usd-sally-ho-technical-analysis-9-june-2020-btc-bitcoin
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