Bitcoin going nowhere – Good time to trade the range

Posted Friday, August 17, 2018 by
Arslan Butt • 1 min read

Bitcoin grew from its lowest level since June, while Ethereum rose above the $300 mark once again today on Friday. Looks like the crypto market is taking benefit of the recent retracement in the dollar.

Technically speaking, the BTC/USD has already come out of the descending channel which was providing it a solid resistance near $6,200.

BTC/USD - 2 Hour Chart

BTC/USD – 2 Hour Chart

At the moment, the BTC/USD is trading at $6,482 and $6,200 is likely to support Bitcoin. Recently, the crypto pair has crossed above the 100 periods moving average, signaling a bullish bias of traders. BTC has an immediate resistance is at $6,620 and $6770. The market can trade sideways until $6,620 is violated. Till then, let’s enjoy choppy trading.

Stay tuned for more updates!

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About the author

Arslan Butt is our 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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