11.3 C
Amsterdam
19 March 2024
PumpMoonshot
Image default
News

Outside Bar Leads To Strong BTC/USD Gains: Sally Ho’s Technical Analysis 24 October 2020 BTC


Bitcoin (BTC/USD) encountered volatility early in today’s North American session as the pair depreciated to the 12925.89 level and traded as high as the 13105.06 area, a significant outside bar that saw bids tested around the 23.6% retracement of the appreciating range from 11876.51 to 13250.04.  Some Stops were elected above the 13087.36 and 13097.86 areas during the climb higher, representing the 76.4% and 78.6% retracements of the recent depreciating range from 13200 to 12722.72.  Earlier this week, buying pressure emerged around the 12865 area, just below the 12872.93 area that represents the 61.8% retracement of the recent appreciating range from 12670.67 to 13200.  Another appreciating range that traders are monitoring is the ascent from 12698.02 to 13200.00.  Notably, bids emerged around the 12949.01 area recently, a level that represents the 50% retracement of the narrower appreciating range.  A couple of additional appreciating ranges that chartists are watching include the climb from 11201 to 13250.04, and the run-up from 11416.04 to 13250.04.  The 12766.47 and 12817.22 areas are significant potential areas of short-term technical support related to those appreciating ranges.  The pair has recently traded as high as the 13250.04 area, its strongest print since June 2019.  Above current price activity, traders are closely watching the 13488.49 and 13884.29 levels.

Following the pair’s recent ascent, traders are paying close attention to potential areas of technical support during pullbacks and these include the 12925.8912817.2212766.4712611.9212549.4512514.9412438.9012060.1811937.0911692.63, and 11531.52 areas.  Stops were recently elected above many additional upside price objectives including the 1112011179.9011272.8611378.1111409.4011489.1011857.2511915.92, and 12023.45 levels. Another important technical level includes the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89, as well as the 10200.3910139.11, and 10082.97 areas. 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 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 12103.12 and the 50-bar MA (Hourly) at 12975.80.

Technical Support is expected around 12055.03/ 11933.02/ 11811.01 with Stops expected below.

Technical Resistance is expected around 13250.04/ 13488.49/ 13868.44 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 

News source

Related posts

Bitcoin Price Will Hit $100,000 This Year as Companies Adopt It, Novogratz Predicts

PumpMoonshot

Bitcoin Mining Difficulty Spikes 3.44% to 36.84T, BTC Price Stagnates at $19K

PumpMoonshot

Bitcoin whales take charge as number of $100k transactions surge

PumpMoonshot
Verified by MonsterInsights