Bitcoin (BTC) Standstill- Bullish Gartley Ready To Roll - Forex News by FX Leaders

Bitcoin (BTC) Standstill- Bullish Gartley Ready To Roll

Posted Thursday, January 25, 2018 by
Arslan Butt • 1 min read

Despite the ongoing regulatory issue in South Korea, the Crypto market is still holding in place. Bitcoin’s price rose slightly from yesterday but failed to break the $12,000 wall. Here’s a quick technical view on BTC. 

BTC/USD – Technical Outlook  

On the daily chart, the BTC has formed a bullish pattern called “Bullish Gartley”. The pattern has completed the C to D wave at the $9,000 level, and Bitcoin has been trading above the same level since last week.

BTC/USD - Daily Chart

BTC/USD – Daily Chart 

The leading indicators are holding in the oversold zone, indicating the potential for a bullish retracement. I would highly suggest the strong support level of $10,335, as the coin is bullish until the market is above this level. Below $10,335, we may see an additional selling trend until $7,721.

Support     Resistance 

10770.7    11739.9

10159.3    12097.5

9801.6      12709

Key Trading Level:    $11,128.4

BTC/USD –  Trade Idea

The current idea is staying bullish above $11,125, with a stop below $10,100, and take profit at $12,250, and $14,150. Good luck and have a profitable day!

 

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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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