Bitcoin (BTC/USD) continued to struggle with the 50-bar MA (4-hourly) during the past 24 hours and was generally thwarted around the 5105 – 5100 area, barely eclipsing the indicator to briefly trade as high as the 5118.56 area. Traders were probing technical Resistance up to 5125.85 during the move higher, representing the 38.2% retracement of the 5488.00 – 4901.99 range. On the downside, the pair bounced higher from the 5002.39 area during yesterday’s session, right around the 23.6% retracement of the 5345.00 – 4778.00 range.
Chartists are eyeing the 5195.00/ 5264.14 areas as upside technical Resistance with Stops expected above. Price activity is nearest the 50-bar MA (4-hourly) at 5109.62 and the 50-bar MA (Hourly) at 5096.01. Technical Support is expected around 4877.05/ 4582.91/ 4393.64 with Stops expected below. Technical Resistance is expected around 5264.14/ 5403.82/ 5769.98 with Stops expected above.