Cryptocurrency BTC – ABCD Pattern Is Making +$1,417 For Us!

Before we begin with the current analysis, let's take a look at our previous forecast A Swing Trade Idea On Cryptocurrency – ABCD Pattern In Play on BTC. The ABCD Pattern does a phenomenal job for us. The idea was to stay bullish above $3,361 to target $4,205, $4,950  and ultimately $5,451. The first target is already achieved, and the second target is on the radar.

BTC – Weekly Chart (Sept. 25)

BTC – Technical View

Zooming out on the weekly chart, we can see the massively overbought BTC isn't in the same zone. BTC is reversed exactly from the 61.8% Fibonacci Retracement level of $2,984. BTC completed the ABC pattern already and the C to D pattern was about to form. The C to D wave on the play and almost half of it is already completed at $4,805. The next target seems to be at $5,451.

BTC – Weekly Chart 

The momentum indicator, RSI, and Stochastic are showing a bullish crossover on the weekly timeframe, which is another support for BTC bulls. Lastly, this week's closing can form a bullish candlestick pattern "Three White Soldiers." It means the bulls are dominating the Crypto. Check out the FX Leaders Candlesticks Trading Strategy to gain better understanding and take more profitable trades.

BTC – Trading Idea

I'm sticking with the same plan of staying bullish on BTC. Investors are advised to keep their previous positions with the stop loss at the first T/P level of $4,205. Next targets are likely to be $4,950 and $5,451. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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