Bitcoin (BTC) – Asymmetric Triangle and Bullish Gartley Keeping Investors On Hold
Arslan Butt • 1 min read
Bitcoin prices slid early today, as the news of a fresh crackdown on a cryptocurrency exchange in Japan hiked the uncertainties regarding the Cryptocurrencies. Check out the technical insights on BTC…
BTC/USD – Technical Outlook
Recalling our earlier update, the BTC was supposed to drop to complete the C to D leg of the Bullish Gartley pattern. The pattern is expected to complete somewhere around $7,500. But the BTC has formed an asymmetric triangle in the daily chat.
BTC/USD – Daily Chart
As per this triangle pattern, the BTC is expected to gain support at $10,250. We won’t see BTC going towards $7,500 until the market breaks out of this asymmetric triangle pattern downward.
Key Trading Level: 11,694.1
BTC/USD – Trade Idea
Bitcoin is likely to stay bearish below $11,750 with a stop below $12,150 and take profit at $10,350. Good luck!