ZuluTrade Blog

BTCUSD is slowly recovering to the upside!

Market View | Wednesday, February 14, 2018 9:48 AM GMT

Latest Crypto news concern South Korea’s decision to let cryptocurrency exchanges to be operational in the country. Naturally, this was a pleasant progress for all the crypto traders because South Korea is one of the major players in digital assets.

Regarding the technical overview of BTCUSD, we have redrawn the falling channel by using the 123 method. The upper side of the channel is aligned with 21 EMA, which provides a strong resistance. Stochastics (8,3) is going overbought and bulls like to keep it in this way because it will indicate a potential bullish acceleration.    


Heading to the hourly TF, the cryptocurrency is creating a series of higher highs and lows verifying the short-term bullish trend. As long as the price stays above $8300 level or 200 SMA, the bias is positive. The next major support zone is located at $7850 to $7700. On the other hand, if BTCUSD breaks above $9150 - $8950, it will boost the momentum to the upside.


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