Bitcoin (BTC/USD) remained relatively weak early in today’s Asian session as the pair continues to orbit the psychologically-important 9000 figure after being capped around the 9195.84 area during yesterday’s Asian session, just above the 9188.22 area that represents the 38.2% retracement of the depreciation from 9792.00 to 8815.01. Traders were unable to test the 9212.43 area during the brief move higher, a level that represents the 76.4% retracement of the recent depreciation from 9297.20 to 8838.00. Following the pair’s ongoing relative weakness, traders are carefully monitoring downside retracement levels including the 8695.01, 8680.35, and 8654.53 levels. Traders continue to observe the 9045.58 area as an important technical level that represents the 23.6% retracement of the recent depreciation from 9792.00 to 8815.01. One short-term range that traders are observing is the recent decline from 9297.20 to 8938.00, with some recent technical resistance seen just above the 9117.60 area that represents its 50% retracement. Above that level, traders will pay close attention to 9159.99 and 9212.43 levels as upside retracement areas. Traders are observing the recent depreciating range from 10428.00 to 8815.01, with the 9195.68 area representing the 23.6% retracement of this range and an important area that BTC/USD bulls will need to build upon if they are to make advancements higher. Larger 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. Relatively large Stops have also recently been triggered below the 9056.57 and 9017.07 areas, representing the 76.4% and 78.6% retracements of the broader appreciation from 8632.93 to 10428.00. Another important level is the 8910.70 area, and Stops were recently elected below this level, an upside price objective related to buying pressure that emerged around the 6456 area in April. Traders are carefully observing the 8763.44 and 8695.01 levels during additional moves lower. 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 100-bar MA (4-hourly) and below 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 9111.91 and the 50-bar MA (Hourly) at 9088.16. 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 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/2020/07/btc-usd-bears-eyeing-some-longer-term-targets-below-9000-sally-ho-technical-analysis-6-july-2020-btc-bitcoin
0 Comments