BTC/USD – The Bitcoin Pair May Experience a Bullish Breakout

My FX List
April 7, 2023
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BTC/USD

Long Position

Take profit – 30,000
Stop loss – 27,500
Timeline: 1 day

Short Position

Sell Stop – 27,600
Take Profit – 26,000
Stop Loss – 28,800

In regard to technical analysis, the volume showed a downward trend, and the MACD had switched to the neutral position. The 25-period and 50-period Moving Averages were seen consolidating. As at 28,895, the pair appears to have found their critical resistance point. On the price charts, we are able to observe the formation of an ascending triangle pattern. Therefore, unless and until a break below the ascending trendline invalidates the bullish perspective, there is a chance of a bullish breakout for the pair.

The pair was very confined within a narrow range during the week as everyone was drawing assumptions about the future decisions from Fed. We observed some price movement during the overnight session that was influenced by fluctuations in the American stock market. The Dow Jones index climbed by 65 points while the S&P index decreased by 36 basis units.

The BTC pair therefore continued to trade sideways throughout the session. The hawkish statement by the head of the Cleveland Fed, who supported more rate hikes because she thinks the banking crisis is almost out of picture. also had an impact on the pair. The release of the NFP data will provide some signals for traders, since the Fed would act in accordance with the data.

 

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