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BTC/USD Tests 11780.42 Then Retraces Gains Lower (09/01/2020)

Technical Analysis 1 September 2020 BTC
-Bitcoin (BTC/USD) tried to sustain recent multi-day highs early in today’s Asian session as traders continued to push the pair closer to the 11800 area after pushing the pair as high as the 11784.66 area during yesterday’s North American session, a test of the 11794.67 area
that represents the 50% retracement of the recent depreciation from 12486.61 to 11102.73. Additional retracement levels in this depreciating range include 11957.97, 12160.01, and 12190.46. Notably, the 11631.37 area represents the 38.2% retracement of the recent
depreciation from 12486.61 to 11102.73, and traders are interested to see if BTC/USD can establish momentum above this level. During the pair’s recent pullback from multi-month highs, Stops were elected below the 11642.05, 11603.11, 11560.28, 11533.61, 11516.38,
and 11442.52 areas, levels related to the pair’s appreciation to the 12486.61 area. Traders are paying close attention to some levels where Stops were recently triggered during the move higher, including the 11992.15, 12086.22, 12112.97, 12173.80, and 12348.26 areas.
Traders note that the recent high of 12486.61 represented a test of the 12496.68 area, an upside price objective related to buying pressure that emerged around the 8055.91 area earlier this year.
-Additional retracement levels in this appreciating range include the 11316.19, 11134.46, and 10909.61 areas. Traders also remain focused on the 12023.45, 11964.56, 11880.38, 11803.31, 11737.30, 11642.95, 11560.28, and 11533.51 areas during pullbacks lower,
representing the retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas. A key level where buying pressure recently emerged is around the the 11529.38 level, a test of the 11510.44 area that represents
the 50% retracement of a historical depreciation from 19891.99 to 3128.89. Additional upside price objectives include the 12713.18, 12859.49, and 13107.05 levels, targets related to areas of buying pressure that emerged earlier this year around the 3858.00 area and
above. Additional Stops were recently elected above the 11026.97, 11115.62, 11340.92, 11399.17, 11407.81, 11570.81, and 11761.97 levels. Below those areas, some potential areas of technical support include the 10200.39, 10139.11, and 10082.97 areas. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

  • Price activity is nearest the 100-bar MA (4-hourly) at 11686.74 and the 50-bar MA (Hourly) at 11632.61.
    Technical Support is expected around 11102.73/ 11004.10/ 10961.41 with Stops expected below.
    Technical Resistance is expected around 12496.68/ 12713.18/ 13202.63 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 Bearishly below MACDAverage.

Technical Analysis 31 August 2020
-Bitcoin (BTC/USD) attempted to maintain its upward momentum early in today’s Asian session as traders continued to buy on dips above the 11000 figure and attempt to establish a base above the 11548.24 area, representing the 61.8% retracement of the recent
depreciation from 11823.62 to 11102.73. Traders recently tested the 11648.05 area during the pair’s appreciation, representing the 38.2% retracement of the recent appreciation from 8055.91 to 13868.44. Notably, the 11631.37 area represents the 38.2% retracement of
the recent depreciation from 12486.61 to 11102.73, and traders are interested to see if BTC/USD can establish momentum above this level. During the pair’s recent pullback from multi-month highs, Stops were elected below the 11642.05, 11603.11, 11560.28, 11533.61,
11516.38, and 11442.52 areas, levels related to the pair’s appreciation to the 12486.61 area. After the depreciation of BTC/USD recently from 12486.61 to 11825.00, traders were unable to gain a foothold above the 12077.74 area during a retracement higher,
representing the 38.2% retracement of the depreciating range. Traders are paying close attention to some levels where Stops were recently triggered during the move higher, including the 11992.15, 12086.22, 12112.97, 12173.80, and 12348.26 areas. Traders note that
the recent high of 12486.61 represented a test of the 12496.68 area, an upside price objective related to buying pressure that emerged around the 8055.91 area earlier this year.
-Additional retracement levels in this appreciating range include the 11316.19, 11134.46, and 10909.61 areas. Traders also remain focused on the 12023.45, 11964.56, 11880.38, 11803.31, 11737.30, 11642.95, 11560.28, and 11533.51 areas during pullbacks lower,
representing the retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas. A key level where buying pressure recently emerged is around the the 11529.38 level, a test of the 11510.44 area that represents
the 50% retracement of a historical depreciation from 19891.99 to 3128.89. Additional upside price objectives include the 12713.18, 12859.49, and 13107.05 levels, targets related to areas of buying pressure that emerged earlier this year around the 3858.00 area and
above. Additional Stops were recently elected above the 11026.97, 11115.62, 11340.92, 11399.17, 11407.81, 11570.81, and 11761.97 levels. Below those areas, some potential areas of technical support include the 10200.39, 10139.11, and 10082.97 areas. 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 200-bar MA (hourly) and above the 100-bar MA (hourly).

*Price activity is nearest the 200-bar MA (4-hourly) at 11576.91 and the 200-bar MA (Hourly) at 11520.76.
Technical Support is expected around 11102.73/ 11004.10/ 10961.41 with Stops expected below.
Technical Resistance is expected around 12496.68/ 12713.18/ 13202.63 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage

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