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FxWirePro: BTC/USD trades choppy above minor bull flag on low volumes, any break above $4200 confirms inverse head and shoulder pattern

Jan 03, 2019 11:16 am UTC

BTC/USD is consolidating after forming a bottom around $3122. The pair jumped nearly $1000 from level. It is currently trading around $3842.

In the 4 hour chart, BTC is holding slightly above bull flag but consolidating in a narrow range on account of thin volumes. The pair has formed almost an inverted head and shoulder pattern and any close above $4200 in 4-hour chart confirm bullishness. Any violation above $4200 (neckline resistance and 300- H EMA) will take the pair to next level till $5000/$6000 in short term.

On the lower side, major support is around $3550-$3600 and any break will take the pair till $3200/$3000.

It is good to buy above $4200 with SL around $3580 for the TP of $5800/$6200.

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  • Bitcoin (BTC) $3,658.52 (-0.45%)
  • XRP (XRP) $0.330100 (+0.01%)
  • Ethereum (ETH) $123.88 (-3.02%)
  • Bitcoin Cash (BCH) $130.25 (-0.20%)
  • EOS (EOS) $2.45 (+1.51%)
  • Bitcoin (BTC) $3,658.52 (-0.45%)
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