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Choppy Bitcoin (BTC) Braces for a Pullback

What’s up, Crypto traders. So far, it’s been a good of the week. Our forex trading signal on DAX, the German index, made more than 50 pips and the Crude Oil signal is also floating in profit. However, today the volatility isn’t only limited to the forex market, Cryptos are also on a move. If you are in the trade or looking to trade Bitcoin, here’s something for you…

BTC/USD – Technical View

Fellow, Bitcoin is consolidating in a sideways range of $10,550 – $11,650, like there’s no way out. It’s mostly because of the news regarding hacks, gunpoint thefts and the ever-changing shift in the regulatory aspect, which has eventually caused money being pulled from the table.

BTC/USD - Hourly Chart

BTC/USD – Hourly Chart

For now, you can see a bullish trendline on the hourly chart which is supporting the BTC/USD at $10,850. Zooming out on the hourly chart, it looks like Bitcoin is forming an ascending triangle pattern. For your information, typically these sort of patterns leads to a bullish breakout. It means BTC is going to soar? It all depends upon the closing of today’s candle. For instance, closing below $10,550 is very likely to make Bitcoin weaker. Likewise, a daily close above $10,550 can give us a pullback.

Support     Resistance

10856         11590

10568.2      12036.2

10122.1       12324

Key Trading Level:    11,302.2

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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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