BTC/USD Violates Bullish Triangle, What’s Next on the Cards? - Forex News by FX Leaders

BTC/USD Violates Bullish Triangle, What’s Next on the Cards?

Posted Tuesday, May 28, 2019 by
Arslan Butt • 1 min read

The leading cryptocurrency BTC/USD is back at doing what it does best – sharp movements and breakouts during the weekend. It made a significant move again during the weekend, and this time it’s a bullish breakout of ascending triangle pattern. The triangle was providing solid resistance around $8,300 level, but the weekend rally flew past it as now the same level works as a support.

With the latest push, the cryptocurrency has mounted another significant resistance of $8,800. It can now rally to the next overhead resistance of $9,400. Both the moving averages are sloping up, and the RSI is in the overbought territory. This shows that the bulls are in command.

Support Resistance
7558.15 8374.63
7110.64 8743.6
6294.16 9560.08
Key Trading Level: 7927.12

BTC/USD – Trade Idea
Fellas, as you can see, BTC/USD isn’t moving anywhere, but is trading within $8,800 – $8,600. The bullish or bearish breakout will determine its next movement. Consider selling under $8,600 until $8,300 and buying above $8,600 with a target of $9,400.

Good luck!

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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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