BTC/USD LONG TERM SWING SET UP (PRICE ACTION SUMMARY BELOW)
Bitcoin (BTC/USD) remained pressured early in today’s Asian session after depreciating below the 34000 figure during the North American session and trading as low as the 33347.05 area, representing a test of the 76.4% retracement of the appreciating range from 31004.95 to 41322.55. Significant Stops were elected below the 34946.27 area during the depreciation, representing the 61.8% retracement of the same range. Traders took BTC/USD as high as the 35909.55 area during the European session before it collapsed. Stops were recently elected above the psychologically-important 40000 and 41000 figures during the ascent to multi-week highs. Traders are observing the 41304.22 level as potential technical resistance, representing the 38.2% retracement of the recent depreciating range from 59592.20 to 30000.
Many technical support levels related to broader historic ranges also gave way during the recent acute move lower including the 51375, 51245, 50527, 48478, 47698, 47136, 41581, 40303, and 39604 areas. Upside retracement levels and areas of potential technical resistance include the 41304, 43331, 44796, 47449, 48287, and 51567 levels. Potential areas of technical support include the 29156, 28747, 28387, 27706, 27317, 27175, 26621, and 26249 levels. Traders 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 below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 36377.81 and the 50-bar MA (Hourly) at 35730.42.
Technical Support is expected around 29156/ 28747.28/ 27706.27 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Title/(Date): BTC/USD LONG
Asset:CRYPTO
Order Type:BUY LIMIT
Time Frame:1D
Entry Price 1: $32,500 (Active)
Entry Price 2: $29,500 (PENDING)
Stop loss-$26,500
Take Profit 1: $36,500
Take Profit 2: $41,000
Take Profit 3: $45,000
Take Profit 4: $55,000
Take Profit 5: $65,000
STATUS- ACTIVE
Many technical support levels related to broader historic ranges also gave way during the recent acute move lower including the 51375, 51245, 50527, 48478, 47698, 47136, 41581, 40303, and 39604 areas. Upside retracement levels and areas of potential technical resistance include the 41304, 43331, 44796, 47449, 48287, and 51567 levels. Potential areas of technical support include the 29156, 28747, 28387, 27706, 27317, 27175, 26621, and 26249 levels. Traders 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 below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 36377.81 and the 50-bar MA (Hourly) at 35730.42.
Technical Support is expected around 29156/ 28747.28/ 27706.27 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Title/(Date): BTC/USD LONG
Asset:CRYPTO
Order Type:BUY LIMIT
Time Frame:1D
Entry Price 1: $32,500 (Active)
Entry Price 2: $29,500 (PENDING)
Stop loss-$26,500
Take Profit 1: $36,500
Take Profit 2: $41,000
Take Profit 3: $45,000
Take Profit 4: $55,000
Take Profit 5: $65,000
STATUS- ACTIVE
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