BTC Violates Bearish Channel – What’s Next? - Forex News by FX Leaders

BTC Violates Bearish Channel – What’s Next?

Posted Thursday, August 16, 2018 by
Arslan Butt • 1 min read

Fellas, as you know the BTC/USD dropped to an 8-week low, while Ethereum, the second-largest cryptocurrency in terms of market value, plunged to a more than 1-year low over the stronger dollar. The BTC seems to retrace back as it has already violated the bearish channel on the 2 – hour chart.

BTC/USD - 120 Mins Chart

Technically, the BTC/USD has already come out of the descending channel which was providing it a solid resistance near $6,200. For now, the same level is likely to support bitcoin. The crypto pair is still holding below the 100 periods moving average, which is a sort of a question mark on its bullish reversal.

Below moving averages, investors consider trading instruments in selling trend. Anyhow, the immediate resistance is at $6,620 and $6770. Stay tuned for more updates!

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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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