Bitcoin (BTC) - Asymmetric Triangle and Bullish Gartley Keeping Investors On Hold - Forex News by FX Leaders
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Bitcoin (BTC) – Asymmetric Triangle and Bullish Gartley Keeping Investors On Hold

Posted Monday, January 29, 2018 by
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 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!

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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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