The BTC/USD pair is currently trading in an ascending trendline pattern. The pair tested the lower boundary of the uptrend pattern at 3700.0 during yesterday’s trading session.
Given that the bitcoin cryptocurrency is trading in an uptrend pattern, and the 100-and 200-hour SMAs is below the price level, it is likely that the pair will continue moving north until it reaches a resistance level at the 4200.0 area.
However, a resistance cluster formed by the 50-hour simple moving average and the monthly PP at 3897.6 could hinder such bullish movement during the following trading sessions.
Given that the bitcoin cryptocurrency is trading in an uptrend pattern, and the 100-and 200-hour SMAs is below the price level, it is likely that the pair will continue moving north until it reaches a resistance level at the 4200.0 area.
However, a resistance cluster formed by the 50-hour simple moving average and the monthly PP at 3897.6 could hinder such bullish movement during the following trading sessions.
Comment:
The BTC/USD pair has been trading in a two-month ascending channel pattern. The pair bounced off its lower boundary at 3411.9 on February 8 and had since hit a January high level at 4112.9.
The Bitcoin cryptocurrency was trading near a support cluster formed by the 50-hour simple moving average and the weekly pivot point at 4000.9.
If the pair passes the support level, a decline towards the 200-hour SMA at 3897.7 could follow.
However, if the support cluster as mentioned earlier holds, the Bitcoin against the US Dollar will continue its upside movement during the following trading sessions.
The Bitcoin cryptocurrency was trading near a support cluster formed by the 50-hour simple moving average and the weekly pivot point at 4000.9.
If the pair passes the support level, a decline towards the 200-hour SMA at 3897.7 could follow.
However, if the support cluster as mentioned earlier holds, the Bitcoin against the US Dollar will continue its upside movement during the following trading sessions.
The pair is currently stranded between SMAs, the 50-hour simple moving average is providing resistance at 3926.6, while the 100-hour SMA is providing support at 3889.5.
Technical indicators suggest that the BTC/USD pair could edge lower during the following sessions.
However, given that the pair has been trading in an uptrend channel, the potential upside target could be near the weekly R1 at 4062.2 in the short-term.