Waiting For BTCUSD To Give Us A Sign On What It Wants To Do Next

After a recent shake-up in the crypto world, where Binance and its CEO pleaded guilty to AML violations, it was believed that BTCUSD might take a hit. However, the popular crypto pair just took a pause from moving further north. Now from the technical perspective, we see that the pair is currently struggling with overcoming the 38000 mark. Additionally, we can see that after reversing higher in the beginning of this year, BTCUSD is trading within a possible rising channel. The channel is slightly on the tentative side, as it doesn’t have many confirmation tests, however, we will not ignore this pattern yet. We will remain somewhat positive with the near-term outlook, that said, a confirmation break above the 38000 barrier would be needed in order to attract more buying interest.

A break above that resistance hurdle may clear the way for a re-test of the upper side of the aforementioned rising channel. Around there we have the psychological 40000 hurdle. If that area acts as a good temporary resistance territory, we may consider a small correction back down. But if the 38000 zone becomes a new strong area of support, this might send BTCUSD up again, possibly aiming for the 40000 mark, or even the 42000 or 43000 levels. Around there we have the continuation of the upper side of the rising channel.

Alternatively, to consider a larger correction within the rising channel, we will wait for a drop somewhere below the 35600 territory first. If such a move happens, this may clear the path for BTCUSD towards the 31800 zone, or the 31000 area, which are near the lower side of the previously discussed rising channel.

Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.