ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Bitcoin Poised for Breakout as NFP Approaches

Share On Facebook
share on Linkedin
Print

Bitcoin, exhibiting a poised stance in its market structure, suggests an imminent breakout as volatility wanes. The convergence of lower highs and higher lows has culminated in the formation of a parallel triangle pattern discernible on the daily chart. Within this framework, Bitcoin’s price oscillates beneath the pivotal resistance level of 73794.0 and the supporting threshold of 61447.0, ensnaring the price within a range-bound market. Anticipation mounts as the Non-Farm Payroll (NFP) data looms, expected to catalyze a decisive breach of the parallel triangle.

©

 

BTC Key Levels

  • Demand Levels: $61447.0, $39461.0, $25129.0
  • Supply Levels: $73794.0, $80000.0, $100000.0

Bitcoin Poised for Breakout as NFP ApproachesIndicator Analysis

Despite the daily candles dipping into the Heikin Ashi candles, the Smoothed Heikin Ashi candles maintain a bullish trajectory, poised to serve as a supportive force facilitating a bullish breakout. However, caution is warranted as the MACD (Moving Average Convergence Divergence) Indicator intimates a potential price decline, suggesting a degree of unpredictability in the breakout. Moreover, a bearish breakout might prompt a test of the bullish trendline on the daily chart, potentially establishing support for an ascent. Notably, the psychological price threshold of $80000 holds significant allure for traders amidst the prevailing bullish sentiment.

In summary, Bitcoin stands on the cusp of a significant market development as it navigates within the confines of a parallel triangle pattern. The impending release of NFP data is poised to act as a catalyst for a breakout, shaping the trajectory of Bitcoin’s price action in the near term.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com