A Swing Trade Idea On Cryptocurrency – ABCD Pattern In Play on BTC! - Forex News by FX Leaders

A Swing Trade Idea On Cryptocurrency – ABCD Pattern In Play on BTC!

Posted Monday, September 25, 2017 by
Arslan Butt • 1 min read

Traders, as you know, we recently have launched the forex trading signals on Cryptocurrencies. My colleagues are writing on this daily, and our signals hit two consecutive take profits on Ripple during the previous week. In this update, I'm going to share the long-term forecast for BTC.

BTC – Technical View

On the weekly chart, we can see the massively overbought BTC has dropped to place low at $3,010, and that's exactly the same level where it completes 61.8% Fibonacci Retracement. At the same time, it's very likely to form an ABCD Pattern on the weekly chart.

BTC - Weekly Chart - ABCD PatternBTC – Weekly Chart – ABCD Pattern

BTC has completed the ABC, whereas C to D pattern seems imminent at $5,451 in the fundamentals remains in favor. The momentum indicator, RSI, and Stochastic are holding in the selling zone.

Last week, the Crypto closed a candlestick pattern Doji followed by bearish candles signaling that sellers are getting weaker, and bulls are likely to dominate the market. In case the candlesticks analysis is new to you, I would recommend FX Leaders Candlesticks Trading Strategy to gain the better understanding and take more profitable trades.

BTC – Trading Idea

Based upon the technical outlook, I would like to stay bullish above $3,361 to target $4,205, $4,950 and ultimately $5,451. Keep in mind this analysis is for long period, and we should use minimum volume to hold positions. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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