Bitcoin Battle Lines Drawn- BTC/USD Breakout Levels

Must read

USD/JPY Technical Analysis – Big Move Down Bringing Support into Play

USD/JPY Technical Highlights:USD/JPY rising wedge break is bringing into play first ranges of assistUnclear if ranges will produce a significant low, however bounce danger...

Crypto Exchange Volumes Sees Growth since May, Jumped to $733 billion in Sep

According to The Block, buying and selling quantity on cryptocurrency exchanges jumped to $733 billion in September, up 16% month-on-month and marking the primary...

Breaking: 299,998 ETH Transferred to Coinbase

Coinbase, a number one cryptocurrency trade, has simply acquired two vital Ethereum (ETH) transfers, totaling 299,998 ETH, or roughly $486,482,166 USD. These transactions had been...

Google Cloud Says Running Validator on Solana Blockchain

Google Cloud is working a validator on the Solana blockchain, based on an announcement from the corporate. The validator will quickly add new options that...

Bitcoin Technical Price Outlook: BTC/USD Trade Levels

Bitcoin costs plunged greater than 42% off the November document highs with BTC/USD stabilizing simply above the September lows. We’re searching for indicators of a low in worth and the main target shifts to a breakout of the latest vary for steering right here. These are the up to date targets and invalidation ranges that matter on the BTC/USD technical worth charts. Review my newest Strategy Webinar for an in-depth breakdown of this Bitcoin setup and extra.

Bitcoin Price Chart – BTC/USD Daily

Chart Prepared by Michael Boutros (log scale), Technical Strategist; Bitcoin on Tradingview

Technical Outlook: The Bitcoin sell-off took one other leg decrease into the open of the yr with the cryptocurrency plummeting one other 14.3%. In our final webinar we famous the non-confirmation low seen in Bitcoin & Ethereum – highlighting the risk for some restoration off these lows. That rally faltered into the 61.8% retracement of the July rally at 44032 and the main target stays on a breakout of this near-term vary with every day help eyed on the September low-day shut at 40596.

Bitcoin Price Chart – BTC/USD 240min

Bitcoin Price Chart - BTC/USD 240min - Crypto Technical Outlook

Notes: A better take a look at Bitcoin worth motion reveals BTC/USD buying and selling throughout the confines the identical descending pitchfork formation extending off the October / November highs that we introduced in our November Bitcoin Price Outlook. Price is testing near-term help at the moment on the 61.8% retracement of the latest restoration / 100% extension of the latest decline at 41152/429– searching for a response right here. A breach above the median-line would shift the main target again in the direction of subsequent resistance aims at 44032, the 100% extension of the rebound / yearly open at 46042/199 and the higher parallel / 48051– a breach / shut above this threshold is required to recommend a extra important low is in place with such a state of affairs exposing 52956-53567. Ultimately, a break / shut beneath the September low-day shut at 40596 would danger one other bout of accelerated losses in the direction of the decrease parallel / 78.6% retracement at 37245 and the 61.8% extension at 35392.

Bottom line: Bitcoin rebounded off downtrend help final week with BTC/USD buying and selling slightly below the median-line -we’re on breakout watch with the broader danger nonetheless weighted to the draw back. From at buying and selling standpoint, a great zone to scale back short-exposure / decrease protecting stops- be looking out for an exhaustion low forward of 40596 IF worth is making a flip greater with a breach above the yearly open wanted to clear the best way. Stay nimble here- a break of the lows might gasoline one other 11% drop in the direction of preliminary help.

For an entire breakdown of Michael’s buying and selling technique, assessment his Foundations of Technical Analysis sequence on Building a Trading Strategy

Active Technical Setups

– Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

aspect contained in the aspect. This might be not what you meant to do!
Load your utility’s JavaScript bundle contained in the aspect as an alternative.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Scallop Protocol Secures $3 Million Funding

Scallop Protocol, a number one DeFi platform on Sui Network, efficiently raises $3M in strategic funding spherical for enlargement. Scallop Protocol, a burgeoning power...

Gold vs Bitcoin: Ultimate Investment Battle

In the final word funding battle between gold and Bitcoin, there is no such thing as a clear winner. Each asset affords its personal...

EURCHF Bullish Step Defies Market Expectation

EURCHF Analysis – Buyers Are Getting Stronger EURCHF bullish step defies market expectations. The bulls have continued to bolster their energy, pushing the value in...

Gold Breaks Out as EUR/USD Eyes ECB; Powell, BoC & NFP Loom

Most Read: Gold Price Forecast: Bullish Breakout Continuation Hinges on US Jobs DataThis week guarantees a wholesome dose of potential market volatility, pushed by...