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Bitcoin Weekly Analysis – Ascending Triangle in Limelight

Just like the forex market, BTC/USD is also experiencing a light trading volume. Bitcoin is trading at a slow pace after its sharp climb earlier this month, moving firmly inside a newly-formed ascending triangle pattern.

Right now, Bitcoin is trading below a solid resistance area of $5,365. If this resistance level remains intact, Bitcoin could retreat back to the channel support at around $5,100.

BTC/USD – 3 Hour Chart

A break above the $5,365 area, on the other hand, could take the price to the very top of the channel at $5,500-$5,600.

The 50 periods EMA is suggesting a bullish bias, and the RSI is in the middle of nowhere. It means, the RSI will be okay with whichever direction investors decide to move in.

Bitcoin Weekly Trading Levels
Support Resistance
4827.4 5372.08
4598.7 5688.06
4054.02 6232.74
Key Trading Level: 5143.38

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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