Bitcoin (BTC) – Asymmetric Triangle and Bullish Gartley Keeping Investors On Hold

Bitcoin prices slid early today, as the news of a fresh crackdown on a cryptocurrency exchange in Japan hiked the uncertainties regarding...

bitcoin

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 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.

Support     Resistance 

11390.8    11997.1

11087.9    12300.4

10784.6    12603.3

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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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