BTC/USD LONG
ENTRY 1 $7,148 & ENTRY 2 $6,994
SL $6,713
TP.1 $8,268 & TP.2 $8,768
TP.3 $9,086 & TP.4 $9,468
BTC/USD moved higher to the 8158.25 area during yesterday’s North American session, a shallow retracement that was well below the 38.2% retracement of the depreciation from 9214.67 to 7630.00. The resurgence of BTC/USD weakness was hastened by the election of many Stops related to the downturn from the 10030 area and subsequent upturn from the 8400.00 area. Stops were triggered below the 8901.53, 8741.24, 8635.31, 8592.26, 8552.95, and 8320.67 levels during the depreciation lower. This sharp sell-off increased the likelihood of a move to test bids around the 7793.31, 7574.71, 7265.95, and 6613.45 areas. Another important technical level that traders are closely monitoring is the 7987.25 area.
Price activity is nearest the 50-bar MA (4-hourly) at 8639.32 and the 50-bar MA (Hourly) at 7934.74.
Technical Support is expected around 7630.00/ 7417.31/ 6993.10 with Stops expected below.
Technical Resistance is expected around 8366.39/ 8760.76/ 9121.40 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.
ENTRY 1 $7,148 & ENTRY 2 $6,994
SL $6,713
TP.1 $8,268 & TP.2 $8,768
TP.3 $9,086 & TP.4 $9,468
BTC/USD moved higher to the 8158.25 area during yesterday’s North American session, a shallow retracement that was well below the 38.2% retracement of the depreciation from 9214.67 to 7630.00. The resurgence of BTC/USD weakness was hastened by the election of many Stops related to the downturn from the 10030 area and subsequent upturn from the 8400.00 area. Stops were triggered below the 8901.53, 8741.24, 8635.31, 8592.26, 8552.95, and 8320.67 levels during the depreciation lower. This sharp sell-off increased the likelihood of a move to test bids around the 7793.31, 7574.71, 7265.95, and 6613.45 areas. Another important technical level that traders are closely monitoring is the 7987.25 area.
Price activity is nearest the 50-bar MA (4-hourly) at 8639.32 and the 50-bar MA (Hourly) at 7934.74.
Technical Support is expected around 7630.00/ 7417.31/ 6993.10 with Stops expected below.
Technical Resistance is expected around 8366.39/ 8760.76/ 9121.40 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.