The Crytpo's are Weak

Crossover in BTC/USD – How far it can go?

Posted Friday, September 14, 2018 by
Arslan Butt • 1 min read

BTC/USD, the leader of cryptocurrencies, just had a breakout on the technical pattern which looks like an ascending triangle pattern. As you can see on the 4- hour chart below, the BTC/USD was facing a resistance near $6,515 along with a support near $6,420. That $6,515 was also a double top level but the traders have violated the level. So what’s next?

Technically, the pair can continue its bullish momentum only if it manages to hold above $6,500. Bitcoin can extend a bullish rally to the next target level of $6,800. Whereas, the BTC/USD can drop to $6,410 on the violation of $6500 support.

The 50 – periods EMA crossover and the RSI are also supporting the bullish trend. Good luck!

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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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