BTCUSD: Three White Soldiers Pattern Above $18527
Bitcoin was unable to sustain its bullish momentum and after touching a high of 20328 on 27th Sep, it started to decline touching a low of 18525 on 28th Sep. After this decline, the prices have stabilized and we can see an uptrend in the markets.
The prices have crossed the $20000 mark in the European trading session today.
We can see that the price is back over the pivot point in the weekly time frame.
The price of bitcoin is ranging near the horizontal support levels in the weekly time frame.
We can clearly see a three white soldiers pattern above the $18527 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards 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 STOCHRSI are indicating overbought levels which means that in the immediate short term a decline in the prices is expected.
The relative strength index is at 74 indicating a STRONG demand for bitcoin, and the continuation of the buying pressure in the markets.
Bitcoin is now moving above its 100 hourly simple moving average and above its 200 hourly exponential moving averages...More info: blog FXOpen
