BTC/USD at 14000 Soon? Sally Ho’s Technical Analysis 31 October 2020 BTC

Bitcoin (BTC/USD) extended its recent volatile trading activity early in today’s North American session as the pair added to gains earned after the pair traded as low as the 12976.29 area.  Traders took the pair back above the 13655.80 area during the Asian session, representing the 78.6% retracement of the recent depreciating range from 13863.87 to 12891.57.  Chartists are observing that the 100-hour simple moving average recently bearishly crossed above the 50-bar simple moving average.  Notably, BTC/USD recently tested the 13868.44 area, a previous relative high from June 2019.  As expected, the pair also recently encountered technical resistance ahead of some upside price objectives between 13875.45 and 13884.29, levels related to buying pressure that emerged much lower around the 3135.90 and 6636.46 areas.  Stops were elected below the 13609.26, 13451.74, 13224.44, and 13197.13 levels during the recent pullback, levels related to the recent appreciating range from 12785.00 to 13863.87Buying pressure recently emerged around the 12865 area, just below the 12872.93 area that represents the 61.8% retracement of the recent appreciating range from 12670.67 to 13200.  Another appreciating range that traders are monitoring is the ascent from 12698.02 to 13200.00.  A couple of additional appreciating ranges that chartists are watching include the climb from 11201 to 13863.87, and the run-up from 11416.04 to 13863.87

The 12846.65 and 12928.80 areas are significant potential areas of short-term technical support related to those appreciating ranges.  Following the pair’s recent ascent, traders are paying close attention to potential areas of technical support during pullbacks and these include the 12925.89, 12817.22, 12766.47, 12611.92, 12549.45, 12514.94, 12438.90, 12060.18, 11937.09, 11692.63, and 11531.52 areas.  Stops were recently elected above many additional upside price objectives including the 11120, 11179.90, 11272.86, 11378.11, 11409.40, 11489.10, 11857.25, 11915.92, and 12023.45 levels. Another important technical level includes the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89, as well as the 10200.39, 10139.11, and 10082.97 areas. Chartists 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 13171.55 and the 50-bar MA (Hourly) at 13309.84.

Technical Support is expected around 12976.29/ 12772.83/ 12563.28 with Stops expected below.

Technical Resistance is expected around 13863.87/ 14000.81/ 14052.39 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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