BTC/USD Daily Chart: Breaking Pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


First of all, the BTC/USD exchange rate has broken the channel up pattern, in the borders of which it traded since August. Secondly, the rate passed the support of the April low level near 47,750.00. Last but not least, the January high level of 41,900.00 did not provide support on May 19.

Moreover, by the middle of Wednesday's, May 19, European trading hours, the rate had pierced the 200-day simple moving average at 39,500.00. Future scenarios were based upon whether or not the 200-day SMA provides support.

In the case of the SMA causing a recovery, the exchange rate's potential surge would most likely encounter resistance in the previously mentioned low and high levels. On the other hand, a decline below the SMA could look for support in the round exchange rate level at 35,000.00. Afterwards, the 30,000.00 mark and the zone below it could provide support.
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