Cryptocurrency BTC – ABCD Pattern Is Making +$1,417 For Us! - Forex News by FX Leaders

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

Posted Wednesday, October 11, 2017 by
Arslan Butt • 1 min read

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 – 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 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!

 
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of