BTC/USD has Dropped Enough - Is it Going to Bounce off Now? - Forex News by FX Leaders

BTC/USD has Dropped Enough – Is it Going to Bounce off Now?

Posted Wednesday, November 28, 2018 by
Arslan Butt • 1 min read

What’s up, traders.

Looks like, the BTC/USD traded mostly in line with our forecast Bitcoin Continues to Crash- Is BTC/USD Going After $5000? Bitcoin not only tested the $5,000 level, but also plunged below it. But the bearish momentum seems to halt for now.

All this began on the violation of the descending triangle pattern – the one we spoke about on November 19, which led BTC/USD towards $3,800. The lead cyrpto pair has been shoved into the oversold zone and at the same time, the pair has closed a doji pattern on the daily timeframe.

To me, it looks like a signal that the sellers are exhausted and bulls are ready for an opportunity to buy an oversold currency. So, here’s something we can expect. BTC/USD is holding above a significant support zone of $3,775 with a very high probability to reverse upward. On the upper side, BTC/USD is likely to go after $4,400 at first and then towards $5,000. Let me make it clear that, the bullish reversal is highly dependent on $3,775 support.

Good luck!



Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles

Leave a Reply

Notify of