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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Yesterday the CPI numbers from European countries showed a slowdown, so today's headline Eurozone inflation numbers should be soft as well
5 days ago
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments