Bitcoin (BTC/USD) settled down after this weekend’s major thrust higher to levels not seen since August 2018. After trading as high as 7581.82 during yesterday’s European session, the pair receded to the 6755.00 area during yesterday’s North American session and then traded as high as the 7178.79 area before coming off early in today’s Asian session. The pair has been hovering around the 50-bar MA (hourly) for the last several hours.
The pair has also orbited the 6963.01 level during the last several hours, representing the 23.6% retracement of the move from 4959.73 to 7581.82. Notably, the pair was toppish around the 7084 area during a move higher, just below the 23.6% retracement of the move from 5512.00 to 7581.82. The pair’s run higher has established new areas of technical Support with the 6791.15/ 6583.19/ 6274.72 areas now being watched by chartists.
Price activity is nearest the 50-bar MA (4-hourly) at 6191.78 and the 50-bar MA (Hourly) at 6997.44.
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