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Bitcoin (BTC) Price: Bullish Chart Pattern Forming

Bitcoin (BTC) Price: Bullish Chart Pattern Forming

2018-09-28 08:04:00
Nick Cawley, Strategist
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Bitcoin (BTC): News, Price, Chart and Technical Analysis

  • Channel break will lead to a fresh attempt at $7,404.
  • A bullish break by Bitcoin will drag the whole market higher.

Bitcoin (BTC) Looking to Rally Further

The cryptocurrency market continues to push back from recent lows and recent price action is building a short-term bullish case for market heavyweight Bitcoin (BTC). We have discussed recently at our weekly cryptocurrency webinars about the how the downtrends have kept a lid on prices. This is now changing with recent upside breaks by Ripple (XRP),Bitcoin Cash (BCH) and Litecoin (LTC) already seen.

A look at the daily Bitcoin chart shows the recent downtrend under threat with four higher lows pushing BTC back above the 20- and 50-day moving averages and towards the downtend currently around $6,900. A break and close above here would suggest a move higher to the last lower high at $7404 and confirm that this years bear market is nearing an end. A rejection of this level would leave Bitcoin range bound and waiting for a new bullish confirmation.

A break higher by Bitcoin will also drag the rest of the market along with it as the coin continues its market dominance. BTC has a market capitalization of $117 billion+ and a market dominance of nearly 52%.

The latest BTC daily chart shows why traders should look at buying higher lows and why this matters – Buy the Higher Low and Sell the Lower High

Bitcoin (BTC) Daily Price Chart (January – September 28, 2018)

Bitcoin (BTC) Price: Bullish Chart Pattern Forming

IG Retail Sentimentshows that traders are 79.1% net-long BTC - a bearish contrarian signal.

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

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on Bitcoin and do you think that the market can rally further? 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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