BTC/USD Choppy Trading – Investors Eye a Breakout - Forex News by FX Leaders

BTC/USD Choppy Trading – Investors Eye a Breakout

Posted Wednesday, October 23, 2019 by
Arslan Butt • 1 min read

Bitcoin is trading bearish against the US dollar on Wednesday, as a fresh selloff in the crypto market pressurizes the pair once again. BTC/USD is presently trading at 7,980, having placed an intraday low of 7,903 during the European session.

This repeated dip below the $8,000 level by BTC/USD is occurring as the traders braces for the expiry of the BTC futures contract on CME on Friday. Ahead of contract expiry, the trading volumes have also declined on a month-on-month basis from $US5.9 billion USD in August to $US4.82 billion in September.

BTC/USD – 240 Min Chart

BTC/USD – Technical Levels

Support Resistance
8009.4 8249.36
7921.66 8401.58
7681.7 8641.54
Key Trading Level: 8161.62

BTC/USD has violated the 8,120 mark, the level which was extending reliable support. Bitcoin has also filled the weekend gap, and now it’s trading at 7,977.

The immediate support prevails at 7,885 levels. The violation of 8,120 opens further room for selling until a strong level of 7,750.

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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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