BTCUSD: Three White Soldier Pattern above $18527
Bitcoin failed to sustain its bullish momentum and after touching a high of 20328 on September 27, it started to decline to touch a low of 18525 on September 28. After this decline, prices have stabilized and we can see a bullish trend in the markets.
Prices have crossed the $20,000 mark in today’s European trading session.
We can see that the price is back above the pivot point in the weekly time frame.
Bitcoin price is hovering near horizontal support levels in the weekly timeframe.
We can clearly see a three white soldier pattern above the $18527 handle, which is a bullish reversal pattern because it signifies the end of a downtrend and a switch to an uptrend.
Bitcoin touched an intraday low of 19510 in the Asian trading session and an intraday high of 20099 in the European trading session today.
Both the STOCH and the STOCHRS are indicating overbought levels, which means that in the short term, a fall in prices is expected.
The relative strength index is at 74, indicating STRONG demand for bitcoin and continued buying pressure in the markets.
Bitcoin is now moving above its 100 hourly simple moving average and above its 200 hourly exponential moving average…Read more: blog FXOpen