XBT/USD LONG SET UPFollowing some of the pair’s recent technical resistance around the 5985.00 area, traders are closely eyeing the 3792, 3274, 2634, and 1599 levels as downside targets. Last week’s significant depreciation involved some of the most acute downward price activity ever experienced by BTC/USD traders. As traders decoupled from the risks associated with BTC/USD, a series of major Stops were elected below key price levels, and these price areas included the 7793, 7417, 7265, 6993, 6613, 6468, 6345, 5619, 5558, 5329, and 4509 levels. During the pair’s modest recovery, the pair as high gained ground to the 5885 level, came off to the 4696.55 area, gained ground to the 5995.00 level, and then fell back to the 4924.97 area before moderating. Below current market activity, traders are closely watching levels including the 4342, 3688, 2882, and 2673 levels. Stops are likely in place below these levels.
Price activity is nearest the 50-bar MA (4-hourly) at 6532.24 and the 50-bar MA (Hourly) at 5200.65.
Technical Support is expected around 4342.13/ 3688.61/ 2882.04 with Stops expected below.
Technical Resistance is expected around 5995.00/ 6345.00/ 6993.10 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
