Bitcoin slipped marginally lower early in today’s Asian session as the pair receded to the 9761 area after trading as high as the 9885.00 level during yesterday’s European session, its strongest print since late October. Stops were recently elected above the 9805 and 9845 areas during the pair’s move higher, levels that represent upside price objectives related to recent relative lows around the 7671.00 and 6430.00 levels. Traders anticipate additional Stops around the 9961 and 9963 levels ahead of the psychologically-important 10000 figure. Above this psychologically-important 10000 figure, upside price objectives include the 10060, 10104, 10167, 10313, and 10443 areas, all of which correspond to buying pressure that emerged around the 6430.00 and 6854.67 areas in late December and early January.
This latest round of buying pressure has seen areas of technical support move higher and traders are now eyeing levels such as the 9491, 9382, 9247, 9050, 9039, and 8854 areas where demand could emerge. Many traders believe it is only a matter of time before the 10000 level is again tested and absorbed. The 50-bar MA (4-hourly) is currently indicating around the 9435 level, and given the market’s trading activity far above this level it would appear market sentiment will likely continue to favour a stronger BTC/USD in the short-term. Stops are expected above the 10060, 10187, and 10313 areas.
This latest round of buying pressure has seen areas of technical support move higher and traders are now eyeing levels such as the 9491, 9382, 9247, 9050, 9039, and 8854 areas where demand could emerge. Many traders believe it is only a matter of time before the 10000 level is again tested and absorbed. The 50-bar MA (4-hourly) is currently indicating around the 9435 level, and given the market’s trading activity far above this level it would appear market sentiment will likely continue to favour a stronger BTC/USD in the short-term. Stops are expected above the 10060, 10187, and 10313 areas.