Bitcoin Battle Lines Drawn- BTC/USD Breakout Levels

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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

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