Superior broker technology provider since 2010
+1 (315) 675 1086 | Sales@YourOwnBrokerage.com

BTC/USD Forex Signal: Bearish Divergence Pattern Forming


The Bitcoin price has been in a strong bullish trend in the past few days.

brokers-we-recommend Forex Brokers We Recommend in Your Region

See full brokers list see-full-broker

 

  • Sell the BTC/USD pair and set a take-profit at 30,000.
  • Add a stop-loss at 32,000.
  • Timeline: 1 day.
  • Set a buy-stop at 31,000 and a take-profit at 32,000.
  • Add a stop-loss at 29,000.

Bitcoin continued rising during the weekend as the recent momentum continued. The BTC/USD pair jumped to a high of 31,341, the highest level in more than a year. This rally brought the year-to-date gains to over 90%.

Bitcoin continued its bullish momentum as the market remained optimistic about the crypto industry. As it rose, other altcoins like Cardano, Ripple, and BNB continued rising as well, pushing the total market cap of all cryptocurrencies to over $1.18 trillion.

Bitcoin has been rising as investors bet that the crypto winter has ended. Also, the coin has remained quite resilient despite key challenges in the past few months. Some of the toughest challenges were the collapse of FTX, Terra, Voyager Digital, and Circle.

The recent rally is happening after a number of well-known companies announced their crypto plans. Blackrock filed for its iShares Bitcoin Trust. Other companies like Invesco and WisdomTree also filed for their ETFs.

Meanwhile, in Europe, Deutsche Bank filed for its crypto custody license while Credit Agricole received its. These licenses will help the companies provide crypto services to individuals and companies while complying with the law.

Bitcoin was also fueled by the decision by the Federal Reserve decided to pause interest rate hikes in its June meeting.

These events came at a time when most investors were still worried about cryptocurrencies after the Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase. The two companies are the biggest firms in the industry.

The Bitcoin price has been in a strong bullish trend in the past few days. It has managed to move from this month’s low of 24,767 to over 30,000. Bitcoin moved above the important resistance point at 31,091. As it did that, it invalidated the double-top pattern that has been forming. In price action, double-top is one of the most popular reversal patterns in the industry.

The BTC/USD pair remains above the 25-day and 50-period moving averages. However, the Relative Strength Index (RSI) and the Stochastic Oscillator made a bearish divergence point. Therefore, there is a likelihood that the pair will start to retreat this week. If this happens, it will likely retest the support at 30,000 and then resume the bullish trend.

BTC/USDReady to trade our daily Forex signals? Here’s a list of some of the best crypto brokers to check out.

Leave a Reply

Your email address will not be published. Required fields are marked *

YourOwnBrokerage is a leading Technology & Business Consulting firm with a specialized focus in Fintech industry.


RISK WARNING: Trading products are highly speculative in nature and carries a significant level of risk which may not be suitable for all investors. Please ensure you fully understand the risks involved and only invest money you can afford to lose. Seek advice from an independent adviser if at all unsure as to the suitability of investing in such instruments.


The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.


The information on this website is not directed to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation.



© 2009 - 2024 YourOwnBrokerage.com. All Rights Reserved.