Crypt Market Update

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ETHUSD - Murrey levels analysis​

Last week, the ETHUSD pair attempted to grow within the general market trend, left the stable sideways range of 1375 – 1250 (Murrey [2/8]–[0/8]), and reached two-month highs around 1663.

Currently, quotes have rolled back to the area of 1562.5 (Murrey [5/8], Fibonacci retracement 38.2%), but the upward momentum may not be lost yet. In case of re-consolidation above 1625 (Murrey [6/8]), positive dynamics may continue to 1750 (Murrey [8/8], Fibonacci retracement 23.6%) and 1812.5 (Murrey [+1/8], the upper limit of the long-term downlink). The key "bearish" level is 1500 (Murrey [4/8]). Its breakdown will give the prospect of quotes returning to 1410 (the middle line of Bollinger bands), 1375 (Murrey [2/8]), 1312.5 (Murrey [1/ 8], Fibonacci retracement 61.8%).

Resistance levels: 1625, 1750, 1812.5 | Support levels: 1500, 1410, 1375, 1312.5​

 

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ETHUSD - Murrey analysis​

Last week, the ETHUSD pair reached three-month highs at 1635.35 but then began to decline as part of the general market trend, which continues to the present. Now the price is actively testing 1500 (Murrey [4/8], the middle line of Bollinger bands), hoping to consolidate below it and reverse the current short-term uptrend. If successful, the decline may continue to 1375 (Murrey [2/8]), 1312.5 (61.8% Fibonacci retracement, Murrey [1/8]). The key “bullish” level is 1625 (Murrey [6/8]), a breakout of which will give the prospect of resuming growth around 1745 (Murrey [8/8], Fibonacci correction 23.6%), 1812.5 (Murrey [+1/8], the upper limit of the downstream channel).

Resistance levels: 1625, 1745, 1812.5 | Support levels: 1500, 1375, 1312.5​

 

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ADA USD - the conflict between Binance and FTX continues to put pressure on the market

The cryptocurrency market suddenly found itself under serious pressure amid the conflict between the two largest digital platforms. At the beginning of the week, the head of Binance, Changpeng Zhao, announced the company's withdrawal from the investment agreement with FTX and the refusal to operate with its own token of this FTT exchange. This decision was caused by suspicions of overstating the balance sheet of Alameda Presearch. As a result, the FTX platform began to experience significant liquidity problems, investors began to withdraw funds, and the value of FTT sharply decreased, pulling the leading cryptocurrencies with it. After that, the management of both platforms had to realize that if the consequences of this situation were similar to the fall of the LUNA token, the entire digital asset sector would be greatly damaged, investors would lose interest in it or be wary of it, and regulators would make new efforts to limit the activities of the cryptocurrency community. As a result, Sam Bankman-Fried and Changpeng Zhao agreed to sell FTX assets to Binance exchange, which should ensure the preservation of its clients' funds. This decision, however, has not yet been able to stabilize the market and the fall in prices of leading assets continues.

The XRP token reacted to the current situation with a decline and is now close to the support zone of 0.3418-0.3360 (Murray [2/8], October lows). In case of its breakdown, the decline will continue to the levels of 0.3173 (Murray [1/8]), 0.2929 (Murray [0/8]). The key for the "bulls" is the level of 0.3906 (Murray [4/8], the middle line of the Bollinger Bands), consolidation above which will give the prospect of growth to the levels of 0.4394 (Murray [6/8]), 0.4638 (Murray [7/8]).

Resistance levels: 0.3906, 0.4394, 0.4638 | Support levels: 0.3360, 0.3173, 0.2929​

 

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ADAUSD - Murrey analysis

The ADAUSD pair continues to trade within the medium-term downward channel, where it returned at the beginning of this month: at the weekend, the price reached the year’s lows around 0.2945 but is currently trying to restore positions. However, the upside potential is limited by strong resistance 0.3418 (Murrey level [2/8], the middle line of Bollinger bands, the upper border of the downwards channel).

In general, the downward trend in the market continues, which is signaled by a downward reversal of Stochastic and stabilization of the MACD histogram in the negative zone. Under these conditions, the key “bearish” level is 0.2929 (Murrey level [0/8]). The consolidation below it allows a decline to 0.2685 (Murrey level [−1/8]) and 0.2441 (Murrey level [−2/8]). In general, the resumption of the cryptocurrency decline soon seems more likely.

Resistance levels: 0.3173, 0.3418 | Support levels: 0.2929, 0.2685, 0.2441​

 

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BTCUSD - decline may continue

Like the rest of the cryptocurrency market, the BTC coin is experiencing the consequences of the bankruptcy of the FTX exchange, which risks causing a “domino effect” and leading to significant losses for other large companies in the digital sector. Currently, a direct consequence of this event is the loss of funds by millions of creditors and the financial problems of more than a dozen cryptocurrency platforms, including Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, and others. Investors are most wary of the current situation with a subsidiary of the Digital Currency Group: Genesis Global Capital offered investors to issue loans in cryptocurrencies at a high interest rate. This service was also used by the FTX exchange, secured by its own FTT token, and after its closure, the Digital Currency Group experienced a liquidity deficit of 1.0B dollars, which has not yet been closed. According to experts, the bankruptcy of the Digital Currency Group could have even more significant consequences for the cryptocurrency industry than the fall of FTX, as many digital enterprises will be deprived of the opportunity to raise additional capital. Community members understand this danger and are creating a fund under the auspices of the Binance exchange to support companies affected by the crisis. The total amount of funds allocated for this may reach several billion dollars, but whether they will help stabilize the market is still unknown.

Resistance levels: 17500, 19100, 20000 | Support levels: 15700, 15000, 13750​

 

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ETHUSD - the cryptocurrency quotes remain under pressure

The main pressure on ETH over the past few days has been an unsuccessful joke by one of the blockchain developers with the nickname Cygaar. In an effort to assess the impact of social media posts on the crypto community, he hinted on Twitter that the ETH token would soon become insolvent. This post was supported by the heads of Tron Justin Sun and of Ethereum Vitalik Buterin. Investors took Cygaar's message as a warning, starting serious coin sales.

Technically, the pair continues to trade within the mid-term descending channel and now the price is at the middle line of the Bollinger Bands (1200). In case of a breakout of the level of 1250 (Murray [2/8]), the growth will be able to continue to the area of 1375 (Murray [3/8]) and 1500 (Murray [4/8]). The key mark for the "bears" is 1125 (Murray [1/8]), consolidation below which will allow the instrument to continue its decline to the levels of 1000 (Murray [0/8]), 875 (Murray [-1/8]).

Resistance levels: 1250, 1375, 1500 | Support levels: 1125, 1000, 875​

 

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XRPUSD - Technical analysis

The XRPUSD pair continues to trade within the mid-term descending channel, but last week it entered a narrow sideways range of 0.3173-0.2984 (Murray [1/8], Fibo retracement 0.0%), where it is now.

A breakdown of the 0.2984-0.2929 zone (Fibo retracement 0.0%, Murray level [0/8]) will ensure a further decline in quotes to the levels of 0.2685 (Murray level [-1/8]), 0.2441 (Murray level [-2/8]). The key for the "bulls" is the level of 0.3418 (Murray level [2/8], the upper line of the Bollinger Bands), in case of its breakout, the price will leave the descending channel and will be able to rise to the area of 0.3906 (Murray level [4/8], Fibo retracement 38.2%), 0.4394 (Murray level [6/8], Fibo retracement 50.0%).

Technical indicators signal the continuation of the downward trend.

Resistance levels: 0.3418, 0.3906, 0.4394 | Support levels: 0.2929, 0.2685, 0.2441​

 

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XRPUSD - The pressure on the coin remains

Currently, the instrument is under the influence of opposite factors. Thus, the weakening of the US currency contributes to the price increase on the eve of a likely slowdown in December in the pace of interest rate hikes by the US Fed. Earlier, this possibility was confirmed by the head of the American regulator Jerome Powell. Nevertheless, a significant strengthening of the positions of digital assets continues to be hindered by the negative associated with the bankruptcy of the FTX exchange. Additional pressure on XRP is exerted by the decision of Coinbase, the largest cryptocurrency platform in the United States, to discontinue support for XRP, BCH, ETC and XLM tokens by the Coinbase Wallet, which is explained by the low volumes of their use. The management of the platform assured that investors will not lose their funds, but to access them it is necessary to use another electronic wallet and go through the recovery procedure. Some experts have suggested that this decision is due to the possibility of a negative outcome for Ripple in the lawsuit filed by the US Securities and Exchange Commission (SEC) to determine the status of XRP as a security.



Technically, the XRPUSD pair continues to trade within the long-term descending channel. The price has reached its upper limit and is currently trying to resume the decline, but for this it will need to consolidate below the middle line of the Bollinger Bands in the area of 0.3770. In this case, the quotes will be able to fall to the area of 0.3418 (Murray level [-1/8]) and 0.2930 (Murray level [-2/8]). In case of a breakout of the level of 0.4350 (Murray level [1/8], Fibo retracement 23.6%), the price will leave the descending channel and will be able to rise to the levels of 0.4883 (Murray level [2/8]), 0.5219 (Fibo retracement 38.2%).

Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic reverses upwards, the MACD histogram is stable in the negative zone.

Resistance levels: 0.4350, 0.4883, 0.5219 | Support levels: 0.3770, 0.3418, 0.2930​

 

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BTCUSD - The rhetoric of the US Federal Reserve allowed the crypto market to regain its positions

The cryptocurrency market is under the influence of two opposite factors. On the one hand, investors fear the consequences of the bankruptcy of the FTX crypto exchange and are reducing investments in digital assets, as evidenced by the decrease in the number of "whales," which, according to the Glassnode platform, reached a two-year low at 1,662K. On the other hand, the growth of cryptocurrencies can be supported by monetary factors: the slowdown in monetary policy tightening announced last week by US Federal Reserve officials at the December meeting led to the weakening of the US currency against alternative assets, including digital ones. Several analysts expect it will become a driver for the start of the traditional pre-Christmas Santa rally, during which the positions of market leaders will be significantly restored.

If the current growth turns out to be short-term, BTC quotes will return to decline with a long-term target of 10000 – 7000.

The trading instrument is near the resistance zone 17500 – 17830 (Murrey level [6/8], Fibonacci correction 23.6%), the breakdown of which will give the prospect of further growth to 19100 (Fibonacci correction 38.2%), 20000 (Murrey level [8 /8], Fibonacci retracement 50.0%). If the middle line of Bollinger bands is broken down to the area of 16600.00, the decline may resume to 15000 (Murrey level [4/8]) and 13750 (Murrey level [3/8]).

Resistance levels: 17830, 19100, 20000 | Support levels: 16600, 15000, 13750​

 

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ETHUSD - Murrey analysis

The key "bearish" range is the support zone of 1250 – 1210 (Murrey [2/8], the middle line of Bollinger bands), the breakdown of which will give the prospect of a decline to 1125 (Murrey [1/8]) and 1000 (Murrey [0/8]). Otherwise, growth will resume towards the central level of Murrey's trading range and the upper limit of the long-term downward channel around 1500 ([4/8]).

Technical indicators do not give a single signal, illustrating the current uncertainty in the market. Given the persistence of the long-term downward trend, the resumption of negative dynamics soon seems more likely.

Resistance levels: 1375, 1500, 1625 | Support levels: 1210, 1125, 1000​

 

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XRPUSD - A decline in token quotes – in the future

Last week, the XRPUSD pair attempted to grow, rising to the upper limit of the long-term ascending channel 0.4974, but then began to decline within the framework of the general market trend.

Pressure on XRP, as well as on other leading cryptocurrencies, continues to be exerted by the negative consequences of the bankruptcy of the FTX exchange, which undermined investor confidence in digital assets and provoked an outflow of capital from the sector. In addition, the situation is aggravated by monetary factors. If last week market participants expected a slowdown in the pace of interest rate hikes by the US Fed, then after the publication of strong November labor market data, these hopes were replaced by fears of officials abandoning their plans. Moreover, the stability of the economy to the measures already taken to tighten monetary policy may push the regulator to a more serious adjustment of the value above the currently expected peak of 5.0%. In general, the position of the US currency is strengthening in relation to competitors.

It should also be noted that at the end of last week, Ripple and the US Securities and Exchange Commission (SEC) submitted to the court the latest clarifications on the case of recognizing XRP as a security. From the point of view of the company's lawyers, the regulator could not prove that the sale of the token from 2013 to 2020 was an offer of an "investment contract", therefore it cannot be considered a security. Now market participants will expect a final decision on the case, which is possible by the end of March next year and will have a serious impact on the entire cryptocurrency sector.

Technically, the price consolidated below the middle line of the Bollinger Bands in the area of 0.3855, which gives the prospect of further decline to the levels of 0.3418 (Murray level [-1/8]), 0.2930 (Murray level [-2/8]). If the price consolidates above the level of 0.3906 (Murray level [0/8]), quotes will be able to leave the descending channel and resume growth in the area of 0.4350 (Murray level [1/8], Fibo retracement 23.6%) and 0.4883 (Murray level [2/8]).

Resistance levels: 0.3906, 0.4350, 0.4883 | Support levels: 0.3418, 0.2930​

 

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BTCUSD - the decision of the US Federal Reserve will determine the dynamics of "digital gold"
Current trend

Last week, the BTCUSD pair fell to the 16700 area but then won back the losses and rose to 17200, where it has been trading over the past few sessions.

The cryptocurrency market remains uncertain: the bankruptcy of the FTX exchange is putting pressure on it, but monetary factors prevent a significant decrease in quotes. The liquidation of several large digital projects at once in six months caused serious damage to the sector, expressed in the loss of confidence in it and a decrease in investment. Thus, according to a survey of American citizens conducted by the CNBC channel, by the end of the year, the number of respondents who had a positive attitude towards digital assets adjusted to 8.0% from 19.0%, and after the Terraform and FTX bankruptcies, the number of respondents who were strongly negative about cryptocurrencies, rose from 25.0% to 43.0%. The situation with FTX did not go unnoticed by the authorities, which creates the possibility of tightening control over the activities of such sites, restraining the activity of its participants. State regulators are already checking messages for unfair advertising, and the US Securities and Exchange Commission (SEC) has required national businesses to publicly disclose the ownership of digital assets and report transactions with cryptocurrency market participants.

However, the negative fundamentals did not contribute to a sharp downward correction, as investors hope that the "hawkish" rhetoric of the US Fed will soften in the face of an emerging slowdown in price growth, which may cause the dollar to weaken against its main competitors. This week, analysts expect two major events – the publication of November inflation data and a meeting of the US regulator: if the consumer price index declines again, a decrease in interest rate growth to 50 basis points will become inevitable, and in the future, a short-term break in tightening of the monetary policy will become possible.

The trading instrument is near the resistance zone 17500 – 17830 (Murrey [6/8], Fibonacci correction 23.6%), the breakout of which will give the prospect of further growth to 19100 (Fibonacci correction 38.2%), 20000 (Murrey [8/8], Fibonacci retracement 50.0%). After the breakdown of the middle line of Bollinger bands around 16800, the decline may resume to 15700 (the area of November lows), 15000 (Murrey [4/8]), and 13750 (Murrey [3/8]).

Technical indicators signal a high probability of correction: Bollinger Bands and Stochastic are reversing upwards, and MACD is decreasing in the negative zone.

Resistance levels: 17830, 19100, 20000 | Support levels: 16800, 15700, 15000, 13750​

 

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ETHUSD - Developers announced the date of the Shanghai fork​

Currently, the market is in a state of uncertainty, as the negative consequences associated with the bankruptcy of the FTX exchange are balanced by positive monetary factors and decisions on further updates of the Ethereum network. At the end of last week, the developers announced that the Shanghai fork, containing the possibility of withdrawing funds blocked in the Beacon Chain, is scheduled for March next year, which greatly reassured investors. The fact is that at the moment more than 15.5M ETH users are blocked in the Beacon Chain network, which is about 12.9% of the total volume of tokens, but there has not been accurate information on the timing of their withdrawal so far.

Investors are also waiting for the US Fed's interest rate decisions. In the event that the November inflation data confirm a further slowdown in price growth, the regulator will certainly slow down the pace of monetary policy tightening, and may think about temporarily suspending the adjustment of the value to assess the consequences of measures already taken to combat inflation, which may weaken the position of the US currency against its main competitors. Otherwise, the decline in quotations will be able to resume.

The ETHUSD pair continues to move horizontally in the 1290 - 1250 channel, consolidation of the price below its lower limit, supported by the middle line of the Bollinger Bands, will give the prospect of further decline to the levels of 1125 (Murray level [1/8]) and 1000 (Murray level [0/8]). In case of a breakout of the upper border of the channel and the upper line of the Bollinger Bands (1323), the growth up to the 1500 mark (Murray level [4/8]) is possible.

Resistance levels: 1290, 1323, 1500 | Support levels: 1250, 1125, 1000​

 

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XRPUSD - Technical analysis​

The XRPUSD pair moves within a long-term downward channel, trading within a sideways movement for the last month and a half. This week, the quotes fell to 0.3662 (Murrey [3/8]) but then corrected against the positive November inflation data in the US.

Currently, the asset is testing 0.3906 (Murrey [4/8], the middle line of Bollinger bands), consolidation above which will allow it to leave the downwards channel and continue rising to 0.4360 (Murrey [6/8], Fibonacci correction 23.6%), 0.4639 (Murrey [7/8]), 0.4883 (Murrey [8/8]). The key "bearish" level is 0.3662 (Murrey [3/8]), which breakdown will give the prospect of a decline to 0.3418 (Murrey [2/8]), 0.3174 (Murrey [1/8]) and 0.2930 (Murrey [0 /8], the region of June lows). Uncertainty in the market associated with today's meeting of the US Federal Reserve remains, and the movement of the trading instrument will depend on the comments of US regulator officials.

Resistance levels: 0.3906, 0.436, 0.4639, 0.4883 | Support levels: 0.3662, 0.3418, 0.3174, 0.293​

 

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BTCUSD = US Federal Reserve decisions continue to put pressure on the position of "digital gold"

Monetary factors are still the main drivers of the quotes movement. The initial positive dynamics were associated with the release of November statistics on US inflation, which recorded a slowdown in consumer price growth in the country for the second month in a row and strengthened investors' hopes that the US Federal Reserve would soften its "hawkish" rhetoric. Still, the results of the regulator's meeting on Wednesday disappointed the market. Officials expectedly adjusted the rate of the interest rate hike from 75.0 bps to 50.0 bps to 4.50% but said that the problem of high inflation has not yet been resolved, and monetary tightening should be continued. At the same time, experts in the department predicted a decrease in the indicator no earlier than 2024. Similar statements were made by representatives of the European Central Bank (ECB) and the Bank of England, putting even more pressure on digital assets.

The trading instrument is at 16750 and may continue to decline around the November lows at 15700, 15000 (Murrey [4/8]). The key "bullish" seems to be the resistance zone 17500 – 17830 (Murrey [6/8], Fibonacci correction 23.6%). If it is broken, quotes may rise to 19100 (Fibonacci correction 38.2%) and 20000 (Murrey [8] /8], Fibonacci retracement 50.0%).

Resistance levels: 17830, 19100, 20000 | Support levels: 15700, 15000, 13750
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ETHUSD - Technical analysis

Since the end of last month, the quotes have been moving in the main sideways range of 1325.00–1090.00. The cryptocurrency market is uncertain, as fears of further negative consequences of the bankruptcy of the FTX exchange are holding back the start of corrective growth. However, in the short term, it will become possible if the consolidation above 1250.00 (Murrey level [2/8], the middle line of Bollinger bands) to the levels 1325.00 or 1500.00 (Murrey level [4/8], the upper limit of the long-term downward channel). The key "bearish" level is 1090.00, consolidation below, which will give the prospect of further decline to 1000.00 (Murrey level [0/8]), 875.00 (Murrey level [–1/8]).

Resistance levels: 1250, 1325, 1500 | Support levels: 1090, 1000, 875​

 

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XRPUSD - Murray analysis​

The XRPUSD pair continues to trade within the long-term descending channel: last week the quotes reached its upper limit around 0.3906 (the Murray level [4/8]), but they could not break higher and resumed the decline.

Currently, the price has fallen to the area of 0.3418 (Murray level [2/8]), consolidation below which will give the prospect of further decline to the levels of 0.2930 (Murray level [0/8], the area of June lows) and 0.2686 (Murray level [-1/8]). The key for the "bulls" is the 0.3662 mark (the Murray level [3/8]), supported by the middle line of the Bollinger Bands, in case of its breakout, the price will leave the framework of the descending channel and will be able to rise to the levels of 0.4150 (the Murray level [5/8]) and 0.4395 (the Murray level [6/8], the Fibo retracement 23.6%).

Resistance levels: 0.3662, 0.415, 0.4395 | Support levels: 0.3418, 0.2930, 0.2686​

 

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ADAUSD - Under pressure from general market negative factors​

The ADAUSD pair is falling along with the main part of the cryptocurrency market, having tested 0.2441 (Murrey levels [2/8]) this week. The coin is under pressure from general market negative factors: the consequences of the bankruptcy of the FTX digital exchange and the results of the last meeting of the US Federal Reserve.

Last week, the US regulator confirmed the need to continue raising the interest rate and keep it at high levels until at least 2024: investors' expectations for softening hawkish rhetoric did not materialize, and the dollar resumed strengthening against alternative assets. The consequences of the cessation of FTX are expressed, first of all, in the loss of confidence on the part of traders: by the middle of this month, 200.0K BTC worth about 3.4B dollars were withdrawn from the market, not counting other tokens, and soon this process is more likely everything will continue. Also, many cryptocurrency companies associated with the platform are experiencing problems: for example, market maker Auros announced restructuring its activities due to the company losing access to 20.0M dollars blocked on the bankrupt crypto exchange. According to Coinbase's Cryptocurrency Market Outlook 2023 report, market conditions will continue to push investors to leave altcoins for safer currencies – BTC and ETH, and the price of ADA will remain under pressure in the medium term.

The trading instrument is moving within the long-term downward channel. Consolidation of the price below 0.2441 (Murrey levels [2/8]) will give the prospect of further decline to 0.2197 (Murrey levels [1/8]) and 0.1953 (Murrey levels [0/8]). The key "bullish" seems to be 0.2929 (Murrey levels [4/8], middle line of Bollinger bands). Its breakout will give the prospect of further growth to 0.3173 (Murrey levels [5/8]) and 0.3418 (Murrey levels [6/8], the upper limit of the downward channel).

Resistance levels: 0.2929, 0.3173, 0.3418 | Support levels: 0.2441, 0.2197, 0.1953.​

 

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ADAUSD pair continues to trade within the long-term downward channel.

Since the beginning of last week, the price has been in the range of 0.2685−0.2441 (Murrey levels [3/8]−[2/8]) but today, they are trying to storm its lower border. In case of success, the quotes will open a way to decrease to the area of 0.2197 (Murrey level [1/8]) and 0.1953 (Murrey level [0/8]). The key “bullish” level is the upper limit of the sideways range 0.2685, supported by the middle line of Bollinger bands. If it is broken, the upward dynamics may increase up to 0.3173 (Murrey level [5/8], the upper line of Bollinger bands).

Resistance levels: 0.2685, 0.2929, 0.3173, 0.3418 | Support levels: 0.2441, 0.2197, 0.1953​

 

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BTCUSD - Uncertainty remains in the crypto market​

The BTCUSD pair started the first week of the new year with a moderate attempt at growth and reached the middle line of the Bollinger Bands around 16800. Market activity remains subdued due to the loss of investor confidence in digital assets after the bankruptcy of the FTX exchange.

Currently, experts are trying to predict the dynamics of "digital gold" in the coming year, but there is no consensus on this issue: according to preliminary estimates, the value of BTC can rise to 250,0K dollars per coin or fall to 10,0K. Nevertheless, most experts are inclined to believe that serious price jumps should not be expected, and the overall situation of the sector will remain rather negative. Pressure on it will continue to be exerted by the course of tightening monetary policy taken by the world's leading central banks, aiming to significantly reduce inflation, and the growth of activity of regulators seeking to limit the activities of crypto companies, thus ensuring greater protection of investors' capital. The main hopes for significant growth are associated with 2024, when a reversal of the policy of the US Fed is expected and the beginning of a significant reduction in interest rates, as well as another halving of BTC, which traditionally has a positive effect on the price of the first cryptocurrency.

As for the mid−term outlook, the BTCUSD pair is likely to continue trading within the sideways range of 17500 − 16250 (Murray levels [6/8]-[5/8]). Now the price is testing the middle line of the Bollinger Bands 16800, when consolidated above which it will be able to rise to 17500 (Murray level [6/8]) and 19100 (Fibo retracement 23.6%). The key for the "bears" is the level of 16250 (Murray [5/8], the lower line of the Bollinger Bands), the breakdown of which will increase the prospects for the downward movement of the trading instrument to the area of 15700 (the area of November lows) and 15000 (Murray [4/8]).

Resistance levels: 16800, 17500, 19100 | Support levels: 16250, 15700, 15000​