Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Bitcoin Outlook: BTC/USD Breakout Stalling-  Crypto Technicals Levels

Bitcoin Outlook: BTC/USD Breakout Stalling- Crypto Technicals Levels

Michael Boutros, Strategist

Bitcoin Technical Price Outlook: BTC/USD Trade Levels


Bitcoin prices fell more than 3.5% since the start of the week with BTC/USD trading at 45335 in early US trade. A breakout in early-august trade may vulnerable here and while the broader outlook is weighted to the topside, the threat for a near-term correction within the confines of the uptrend remains. These are the updated targets and invalidation levels that matter on the BTC/USD technical price charts. Review my latest Strategy Webinar for an in-depth breakdown of this Bitcoin setup and more.

Starts in:
Live now:
Oct 10
( 12:10 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Bitcoin Price Chart – BTC/USD Daily

Bitcoin Price Chart - BTC/USD Daily - Crypto Outlook - Technical Forecast

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

Technical Outlook: In last month’s Bitcoin Price Outlook we noted that the BTC/USD sell-off was approaching key support objective just lower- “look to reduce short-exposure / lower protective stops on a stretch into key support at 27169-27734 – expect a larger reaction there IF reached. Ultimately, the risk remains for a fresh monthly low here with a breach above the July open needed to put the bulls back in control.” Price never made it there- Bitcoin registered a low 29296 the following day before reversing sharply higher with BTC/USD rallying more than 64% off that mark.

Bitcoin Price Chart – BTC/USD Daily (2018 Price Action Parallel)

Bitcoin Price Chart - BTC/USD Daily - 2018 Price Action Parallel - Crypto Technical Outlook

The rally has continued to trade within the confines of an ascending pitchfork formation extending off the yearly lows with a turn off the 75% parallel last week now testing median-line support. Note that ongoing momentum divergence continues to highlight the threat for some back & fill here and while the broader outlook remains constructive, the immediate advance may be vulnerable here near-term. Note that a parallel of the structure of the 2018 decline (magenta) continues to suggest the risk remains for continued weakness IF These Highs Hold.

Bitcoin Price Chart – BTC/USD 240min

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

Notes: A closer look at Bitcoin price action shows BTC/USD turning just ahead of the April low-day close at 49128 this week before pulling ack with price now sitting on median-line support in early US trade. Confluent support now rests at 40706-41929 backed by 38395- both areas of interest for possible downside exhaustion IF reached. A topside breach keeps the focus on subsequent resistance objective at the 61.8% Fibonacci retracement of the yearly decline at 51030- look for a larger reaction there IF reached with a breach / close above likely to fuel another accelerated rally towards the 78.6% retracement / May open at 57128/790.

Cryptocurrency Trading
Cryptocurrency Trading
Recommended by Michael Boutros
New to Crypto Trading? Download Our Bitcoin Trading Guide
Get My Guide

Bottom line: The Bitcoin rally may be vulnerable here near-term as price stalls into uptrend resistance. From at trading standpoint, a good zone to reduce long-exposure / raise protective stops- be on the lookout for downside exhaustion ahead of 38395 IF price is indeed heading higher on this stretch with a breach / close above 51000 needed to clear the way for the next leg higher in Bitcoin.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy


Active Technical Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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