Market Update

Insights for the Asian Crypto trading session Wednesday 06/02/19

  • BTC/USD: Price action moving within ascending triangle, bullish breakout eyed

  • XRP/USD: Remains contained within narrow descending wedge formation

  • ETH/USD: Sideways trading dominates

  • EOS/USD: Holding 100 hourly MA at $2.40

  • BCH/USD: Support seen towards 200 hour MA at $114.65

BTC/USD Technical Analysis: Ascending triangle formation subject to a bullish breakout above $3,525

  • Bitcoin trading in minor positive territory overnight

  • Hourly moving averages and oscillators supportive of further gains in the short term

  • Ascending triangle formation on hourly chart subject to a bullish breakout above $3,520

BTC/USD  Hourly chart

Our Forecast

BTC/USD: Bitcoin is currently trading in an ascending triangle formation on the hourly chart with resistance seen towards $3,525, and price supported by a rising trendline at $3,485. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances however when ascending triangles form as reversal patterns at the end of a downtrend, and as such we see prices initially targeting $3,600 then $3,670 should resistance at $3,525 break. A move back below $3,475 negates this short term bullish view.

Hourly Technical Analysis Summary: Buy

Moving Averages: Strong Buy

Oscillators: Buy

Support 1:               $3,485

Support 2:               $3,475

Resistance 1:               $3,525

Resistance 2:          $3,585



The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.