BTC/USD LONG
ENTRY 1 $9,268 & ENTRY 2 $8,968
SL $8,723
TP.1 $9,668 & TP.2 $10,068
TP.3 $10,468 & TP.4 $10,868
Bitcoin (BTC/USD) oscillated early in today’s Asian session as the pair orbited the 9500 area one day after suffering one of its largest hourly declines in history. Bears pushed the pair from the 10315.00 level to the 9290.98 area in less than two hours, triggering a cascade of Stops along the way. During periods of price consolidation such as the current phase of price activity, longer-term and broader trading ranges take on greater importance and may provide some guidance. One such range that traders continue to monitor is the depreciation from 13202.63 to 6430.00. Price activity has recently been traded above and below the 9816.32 area, representing the 50% retracement of this range, and the next upside retracement level in this range is the 10615.49 area, an area that traders were unable to push the pair above during its recent climb above the psychologically-important 10000 figure.
Traders are monitoring another very important range, namely the appreciation from 3128.89 to 13868.44. Some Stops were reached above the 9765.93 area, representing the 38.2% retracement of this range. Additionally, another very important range that traders continue to monitor is the depreciation from 19891.99 to 3128.89, an extremely broad range originating with the pair’s all-time high. Price activity recently moved above the 9532.39 area, representing the 38.2% retracement of this range, and the next upside retracement level in this range is the 11510.44 area, representing the 50% retracement. Below current market activity, traders anticipate bids around the 9322.05, 9169.41, 8911.79, and 8739.96 areas.
ENTRY 1 $9,268 & ENTRY 2 $8,968
SL $8,723
TP.1 $9,668 & TP.2 $10,068
TP.3 $10,468 & TP.4 $10,868
Bitcoin (BTC/USD) oscillated early in today’s Asian session as the pair orbited the 9500 area one day after suffering one of its largest hourly declines in history. Bears pushed the pair from the 10315.00 level to the 9290.98 area in less than two hours, triggering a cascade of Stops along the way. During periods of price consolidation such as the current phase of price activity, longer-term and broader trading ranges take on greater importance and may provide some guidance. One such range that traders continue to monitor is the depreciation from 13202.63 to 6430.00. Price activity has recently been traded above and below the 9816.32 area, representing the 50% retracement of this range, and the next upside retracement level in this range is the 10615.49 area, an area that traders were unable to push the pair above during its recent climb above the psychologically-important 10000 figure.
Traders are monitoring another very important range, namely the appreciation from 3128.89 to 13868.44. Some Stops were reached above the 9765.93 area, representing the 38.2% retracement of this range. Additionally, another very important range that traders continue to monitor is the depreciation from 19891.99 to 3128.89, an extremely broad range originating with the pair’s all-time high. Price activity recently moved above the 9532.39 area, representing the 38.2% retracement of this range, and the next upside retracement level in this range is the 11510.44 area, representing the 50% retracement. Below current market activity, traders anticipate bids around the 9322.05, 9169.41, 8911.79, and 8739.96 areas.