BTC/USD LONG (SNIPER ENTRY TO THE MOON)

25. März 2020

After opening the month around the 8525 area and escalating higher to the 9214 area, BTC/USD quickly depreciated to the 3858 area. The pair then traded sideways before escalating from the 4309 area to the 6990 area and then depreciating sharply to the 5657 area. BTC/USD then escalated to multi-day highs around the 6866 area. Stops were elected below many areas during the rapid decline, and these levels include the 6120, 6059, 6044, 5951, 5941, 5823, and 5799 levels. Above current market levels, traders are observing upside price objectives around the 7101.76, 7234.54, 7414.53, 7558.22, and 7761.66 levels. 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 100-bar MA (4-hourly) at 6317.69 and the 100-bar MA (Hourly) at 6258.12.

Technical Support is expected around 4342.13/ 3688.61/ 2882.04 with Stops expected below.

Technical Resistance is expected around 7101.76/ 7234.54/ 7414.53 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.