Bitcoin (BTC/USD) continued its upside progress early in the North American session as the pair remained within striking distance of establishing a fresh all-time high following a recent print around the 62910 level. Technical support recently emerged around the 56866.04 area, representing the 23.6% retracement of the appreciating range from 37300 to 62910, and a level that was also around the 50-hour simple moving average. Stops were elected above the 61788.45 area during the climb higher, a historical relative high.
As traders accumulate long positions just below the psychologically-important 60000 figure, there is renewed focus on upside retracement levels and areas of potential technical resistance including the 63681 and 64899 areas. Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 60660, 59652, 59269, 58144, 57408, 57019, 55628, and 54381 levels. Traders 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 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 56712.33 and the 50-bar MA (Hourly) at 59149.62.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 62910/ 63831.82/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.