Choppy Bitcoin (BTC) Braces for a Pullback

Posted Tuesday, January 30, 2018 by
Arslan Butt • 1 min read

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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