Bitcoin (BTC/USD) extended recent gains early in today’s Asian session as the pair continued to recover from its recent low around the 9118.00 area, the level it reached late last week after traders drove the price lower from the 9475.00 area. Buying pressure emerged around the 9254.37 level during yesterday’s European and North American sessions, representing the 38.2% retracement of the recent depreciation from 9475.00 to 9118.00. Traders are observing the 9296.50, 9338.63, and 9390.75 areas as upside targets, representing the 50%, 61.8%, and 76.4% retracements of the recent depreciation from 9475.00 to 9118.00. Stops were elected below the 9340.68, 9257.58, and 9190.42 levels during the recent move lower, representing the 23.6%, 38.2%, and 50% retracements of the recent appreciation from 8905.84 to 9475.00. Stops were also elected below the 9319.24 and 9222.88 areas, representing the 23.6% and 38.2% retracements of the broader appreciation from 8815.01 to 9475.00. Technicians note that the 9145.01 area represents the 50% retracement of this broader appreciating range, and that the market recently tested this level during the depreciation lower. Traders continue to view the 9516.43 and 9582.92 areas as upside price targets, as they represents the 76.4% and 78.6% retracements of the recent depreciation from 9792.00 to 8815.01. Traders are closely monitoring three recent depreciating ranges including the move from 9792.00 to 8815.01, the move from 10018.67 to 8815.01, and the depreciation from 10428.00 to 8815.01. Important technical levels related to these depreciating ranges include the 9416.84, 9418.79, 9561.43, 9558.87, 9582.92, 9621.51, 9734.61, 9761.09, 9811.84, 10047.33, and 10082.82 areas. A recent appreciating range that traders are monitoring is the move from 8632.93 to 10428.00, with the 9530.47 and 9742.28 areas representing the 50% and 38.2% retracements of this appreciation. Following the pair’s recent movements, potential areas of technical support include the 9123.26, 9067.13, 9040.16, and 8970.77 levels. Below current price activity, Stops have recently been absorbed below the 8877.48 area, a level that represents the 23.6% retracement of the recent appreciation from 3858 to 10428. Additional downside areas of potential technical support include the 8993.44, 8695.01, 8680.35, 8654.53, and 8603.46 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, 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 bearishly indicating below the 200-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest the 50-bar MA (4-hourly) at 9297.66 and the 50-bar MA (Hourly) at 9255.24. Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below. Technical Resistance is expected around 9561.43/ 10066.21/ 10428.00 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
from Crypto Daily™ https://cryptodaily.co.uk/2020/07/9343-emerges-as-key-btc-usd-level-sally-ho-technical-analysis-14-july-2020-btc-bitcoin
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