Bitcoin Bullish Channel – Is It Poised to Break Lower? - Forex News by FX Leaders

Bitcoin Bullish Channel – Is It Poised to Break Lower?

Posted Tuesday, April 30, 2019 by
Arslan Butt • 1 min read

During the previous week, there was a sharp drop in the prices of Bitcoin as the market fell below the $5,200 support against the US Dollar. The BTC/USD pair spiked beneath the $5,000 support level and placed a low swing right above $4,900.

Later, the price began a gradual and steady recovery over the $5,000 and $5,050 resistance levels.

The buyers even drove the price beyond the $5,100 resistance and the 23.6% Fib retracement level of the last slide from the $5,509 high to $4,905 low.

In the preceding three sessions, BTC/USD has been trading in a narrow range of around $5,900 – $5,200. The BTC/USD pair formed a decent support above the $5,100 and $5,020 levels.

The RSI & Stochastic, both stays over 50, in the buying zone. While the 50 periods EMA is extending solid support around $5,400.

On the 4-hour timeframe, BTC/USD has also formed a bullish channel which is another bullish signal for the leading crypto pair.

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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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