Bitcoin (BTC/USD) scored strong gains during today’s Asian session, rocketing to the 5191.19 level. In our 14 April 2019 analysis, we identified the 50-bar MA (4-hourly) as technical Resistance and strong Stops were elected above the 5137.67 area after traders tested this key area. The pair reached the 5191.19 level, just below the 50% retracement of the 5488.00 – 4901.99 range. Additional Stops were elected above the 5125.85 area, representing the 38.2% retracement of the same range.
Notably, there were some early indications during the Asian session that BTC/USD was trying to derive technical Support at the 50-bar MA (4-hourly), a development that could see a test of the 5264.14/ 5349.70 levels.
Another major upside target is 5403.82, representing the 61.8% retracement of the 6810.00 – 3128.89 range.
Price activity is nearest the 50-bar MA (4-hourly) at 5140.40 and the 200-bar MA (Hourly) at 5136.80.
Technical Support is expected around 4877.05/ 4582.91/ 4393.64…
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