Bitcoin is making a bullish retrace this week, but will it turn into a proper reversal?

Forex Signals Brief, Dec 24: Bitcoin Rebounds Above $4,000

Posted Monday, December 24, 2018 by
Arslan Butt • 1 min read

With little data on the economic calendar, the current week is mostly about trading the technical levels. In addition, the markets are likely to concentrate on political headlines after the failure by the US Congress and President Donald Trump to agree to a spending bill during the weekend which ended in a partial shutdown of the US government.

Today, the global financial markets will remain closed in observance of Christmas Eve, so keep an eye on FX Leaders’ technical setups.

Forex Signal Update

Team FX Leaders closed last week remarkably with back to back four winning forex trading signals in  AUD/USD , EUR/GBP , WTI Crude Oil & GOLD.

Gold – Active Signal

The yellow metal gold has risen on Monday in the wake of mounting worries over a partial US government shutdown, US-China trade tensions, and stumbling global economic growth. It’s been moving against our long-term signal, but the double top resistance at $1,265 is likely to push it lower today.

Gold – 240min.

Cryptocurrency Update

The leading cryptocurrency Bitcoin opens the week with a +2.97% gain to trade near $4,293.5. On Sunday, Bitcoin fell by 1.53%, partially reversing a 3.99% rise on Saturday, to end the day at $4,071.7. Despite all the losses, the leading crypto pair managed to close the week with more than 23% gains.

As it can be seen on the 3 – hour chart, BTC/USD has come out of the ascending triangle pattern which was extending a strong hurdle near $4,250. That is clearly the next support level, so I will be watching if the price holds above this level to open a buy position. While on the upper side, the target is likely to be $4,500.

BTC – 240min.

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