Bitcoin (BTC/USD) rocketed higher early in today’s Asian session as the pair appreciated to the 61788.45 area after trading as low as the 56493.71 area in the European session, with the interday high representing a fresh all-time high. Buying pressure emerged around the 50-hour simple moving average to propel BTC/USD above the psychologically-important 60000 figure for the first time ever. Stops were elected above some important upside price objectives including the 58896.80, 59792.54, 60069.04, 60368.14, 60522.13, and 61065.64 areas, targets related to buying pressure from the 16200, 17580, 21913.84, and 9819.83 levels. If BTC/USD extends recent gains, additional upside price objectives include the 62026.52, 63788.17, 64436.39, and 64835.59 levels.
Some areas of potential technical support during pullbacks include 55739.30, 54805.58, 54087.19, 53288.70, 52378.04, 52107.83, and 51997.03. Stronger technical support is likely in place around the 48030.38 and 46556.35 areas, with Stops likely in place below. 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 54051.80 and the 50-bar MA (Hourly) at 58009.74.
Technical Support is expected around 55739.30/ 54805.58/ 54087.19 with Stops expected below.
Technical Resistance is expected around 62026.52/ 63788.17/ 64436.39 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.