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Bitcoin Bullish Channel – Is It Poised to Break Lower?

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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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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