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

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