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Bitcoin (BTCUSD) Continues Consolidating Just Under Key 4K Level


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As seen on Bloomberg, Refinitiv (Thomson Reuters), Factset, Interactive Brokers, Amazon,Liquid (Quoine) and Zerohedge, Tradable Patterns (https://tradablepatterns.com) provides daily technical analysis on a subset of three CME/ICE futures (commodities, equity indices), spot FX markets, which it considers worth monitoring for the day/week for trend reversal or continuation, along with a separate weekly technical analysis newsletter on Bitcoin (BTCUSD), Ethereum (ETHUSD) and Ripple (XRPUSD or XRPJPY). For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

Bitcoin (BTCUSD) spent another week consolidating the bounce off the June 2017 high and September 2017 low. Given most traders will have returned from holidays by Monday, bulls are increasingly eyeing the psychologically key 4000 whole figure level, particularly as BTCUSD bumps up against a 1 year downtrend/triangle resistance (on the weekly chart). Some traders when drawing the first data point of this resistance line (in December 2017) will begin the line from the upper end of the body of the highest December 2017 weekly candle as opposed to the same candle's upper shadow's peak. A line from the upper end of the same December 2017 candle's body of course would produce a downtrend resistance level that intersects roughly 1000 USD higher. Nevertheless, with the daily Stochastics having worked off its overbought reading this past week, BTCUSD could be preparing for a renewed push higher, particularly as the overriding weekly RSI, Stochastics and MACD remain bottomish. A decisive break above the more conservatively drawn 1 year downtrend resistance line at roughly 5k will likely set a new trading range of 4k-6k over the following few months.


Bitcoin (Liquid BTCUSD) Weekly/Daily

BTCUSD (Bitcoin) Weekly Technical Analysis

BTCUSD (Bitcoin) Daily Technical Analysis

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Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014.  His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community.  Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.

 

Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong.  Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering.  On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.

 

Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com.

 

 

 

contributing author since 11/21/2017 

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