Bitcoin (BTC/USD) notched solid gains during the Asian session, reaching the 5272.32 level before some profit-taking emerged. This was the pair’s strongest print since 10 April and minor Stops were reached just above the 5264.14 level, representing the 61.8% retracement of the move from 5280.72 to 4901.99, and an area that we spotlighted in our 15 April 2019 analysis. Follow-through buying pressure could see BTC/USD take a run at 5349.70, representing the 76.4% retracement of the same range.
As we reported in our 16 April 2019 analysis, the pair found a Bid during yesterday’s North American session around the 5013.16 area, representing the 61.8% retracement of the 4901.99 – 5191.19 range.
Another strong technical clue emerged today when the pair found a decent Bid at the 5178.45 area, right around the 38.2% retracement of the 8488.00 – 3128.89 range as noted in our 16 April 2019 analysis. As we also wrote and expected, Stops were elected yesterday above the 50-bar MA…
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