FX.co ★ BTC 08.09.2019 - Symmetrical trirangle in creation based on 4H time-frame

Industry news:

The potential for a "no-deal" scenario as the UK leaves the European Union in October of this year could drive bitcoin to new highs, some industry players estimate.

As many have already experienced first-hand, the British pound has lost a fair amount of value against both the euro and the U.S. dollar as fears build up that a no-deal Brexit may in fact happen. And as the bitcoin-as-a-safe-haven theory goes, the digital asset should become more attractive for investors as the value of their national fiat currencies go down.

Daily view:

Based on the daily time-frame, I found that BTC is trading in the 4-day balance between the $11.180 and $12.370. MACD oscillator is still showing the upside momentum and you should watch for eventual breakout upside to confirm further upward continuation.

Important levels to watch based on daily view:

Resistance levels:

$12.800

$13.000

Support levels:

$11.000

$10.800

4H time-frame view:

Based on the 4H time-frame, I found well defined symmetrical triangle, which is mostly continuation pattern. The potential up breakout may lead the BTC into the $12.850 zone.

Trading recommendation:

Watch for buying opportunities in case of the upward break with the target at $12.840