BTC/USD 4H Chart: Flag pattern formation

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Neutral
 Alligator(13;8;5) Neutral Neutral Sell
 SAR(0.02;0.2) Sell Buy Sell
 Aggregate

The Bitcoin cryptocurrency has appreciated about 10.90% in values against the US Dollar during the last week. The pair breached both the 50-, 100– and 200-hour SMAs within this short period.

The BTC/USD pair has formed an upside flag pattern. From a theoretical point of view, it is likely that the pair continues its upward movement within this session. Meanwhile, technical indicators flash bullish signals on the daily time-frame chart. 

However, the pair could reverse from the current price level at 3637.5 and aim at the 100-hour simple moving average at 3399.6 during the following trading sessions.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.