Bitcoin Weekly Analysis – Ascending Triangle in Limelight - Forex News by FX Leaders

Bitcoin Weekly Analysis – Ascending Triangle in Limelight

Posted Friday, April 19, 2019 by
Arslan Butt • 1 min read

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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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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