Bitcoin (BTC) Breaks Below Horizontal Support - Check Out The Next Buying Level - Forex News by FX Leaders

Bitcoin (BTC) Breaks Below Horizontal Support – Check Out The Next Buying Level

Posted Wednesday, January 10, 2018 by
Arslan Butt • 1 min read

Since a couple of weeks, the chief cryptocurrency Bitcoin is under attack by the bears. Ethereum, on the other hand, is making solid gains. Let’s take a quick look at the technical sides of Bitcoin. 

BTC/USD – Horizontal Support Breakout

Fellas, if you look at the 4 – hour chart, the BTC has broken below the solid support level of $14,500 and it’s likely to head towards $13,480. The bearish momentum gain strength specifically after the 50- periods EMA bearish crossover at $15, 600.

BTC/USD - 240 - Mins Chart

BTC/USD – 240 – Min Chart

Key Technical Levels – BTC/USD

Support     Resistance

14,125          15,035

13,844          15,316

13,389          15,770

Key Trading Level:    $14,580

BTC/USD – Trade Idea

Staying bearish below $14,580 seems to be a good idea with a stop above $14,850 and a take profit of $13,050 and $12,850. Conversely, bulls can get in the trade right above $12,850. Stay tuned, we will be sharing the forecast on ETC/USD very soon. 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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