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Bitcoin Chart Nears Breakout Point

Bitcoin Chart Nears Breakout Point

Nick Cawley, Strategist

Bitcoin Chart and Talking Points

- Bitcoin descending triangle may produce a sharp reaction.

- Cryptocurrency market remains weak with good news scarce.

If you are interested in trading cryptocurrencies we have just released a new Guide to Day Trading Bitcoin and Other Cryptocurrencies to help you navigate the market.

Bitcoin Descending Triangle Nears Breakout Point

Bitcoin remains below the down channel started from the December 17 high near $20,000 as investors continue to shun the cryptocurrency market in 2018. And BTC is also facing an inflection point as the upward channel from the February 6 low near $6,000 converges with the downward channel, normally the sign of an upcoming breakout, traditionally to the downside. The chart also reveals that the 50-day and 200-day moving averages are about to cross – the 50-day moving below the 200-day – another bearish technical signal. An upside breakout and close above the down channel around $8,500 may provide short-term relief, while to the downside the February 6 low remains in sight.

The latest IG Client Positioning Report also provides another bearish indicator with traders remaining net-long Bitcoin. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

Bitcoin (BTC) Price Chart Daily Time Frame (September 29, 2017 – March 28, 2018)

Bitcoin Chart Nears Breakout Point

We will be discussing a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Ethereum, Litecoin, Bitcoin Cash or Ripple we can offer you a range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

What’s your opinion on Bitcoin – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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