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XPTUSD Consolidating at $833 Price Level, a Breakout Is Imminent

XPTUSD Price Analysis – June 13

Until the Bulls break up the $833 price level or the Bears break down $776 price level sideways movement may continue.

XPT/USD Market

Key levels:

Supply levels: $833, $898, $962
Demand levels: $776, $714, $657

 

XPTUSD Long-term trend: Bearish

On the weekly chart, XPTUSD is bearish. This is the third week that XPT price remains on the same level on the weekly chart. The price is ranging at $833 level. The Bulls and the Bears seem to have the same momentum as the same size as the bullish and bearish candle is formed at the same place. Until the Bulls break up the $833 price level or the Bears break down $776 price level sideways movement will continue.

XPT Weekly chart, July 13

Nevertheless, XPT price remains below the 21 periods EMA and 50 periods EMA and the two EMAs are still found at $833 level. The stochastic Oscillator period 14 is at 25 levels with the signal line pointing up to indicate a buy signal. Further increase in the Bears’ momentum may reduce the XPT price to $776 level. The bullish breakout at $833 level may place the XPTUSD at $898 level.

XPTUSD medium-term Trend: Bullish

XPTUSD is bullish in the medium-term outlook. On July 05, a massive strong bearish candle emerged at $833 level which penetrated the dynamic support level and the price decreased towards $776 level. Along the way, the Bulls interrupted with the formation of inside bar candle which triggered the bullish movement towards $833 level.

XPT Daily chart, July 13

The XPT price is above the 21 periods EMA and 50 periods EMA as a sign of bullish momentum. Moreover, the stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.