BTC/USD Completes 50% Retracement – What’s next? - Forex News by FX Leaders
Bitcoin slipped below $8,00 again today and completes the bearish retrace

BTC/USD Completes 50% Retracement – What’s next?

Posted Thursday, August 30, 2018 by
Arslan Butt • 1 min read

Bitcoin finally managed to come out of the sideways trading range of $6,225 – 6,625 to complete 50% retracement on the daily timeframe. BTC/USD has a bullish crossover on the 50 periods EMA at $6,955 and the intraday candle closed right above it.

Now it’s sort of a confusing situation. Although there’s a bullish crossover which is signaling a bullish trend in the cryptocurrency. But at the same time, we can also see a doji candle below 50% retracement level which is signaling that bulls are exhausted.

So we can expect a slight bearish pullback below $7,100 until $6,800. Whereas, the BTC/USD can continue its bullish trend until $7,385 on the violation of $7,100. All the best!

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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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