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FX TECHNICAL ANALYSIS Technical picture


Having been in an ascending price channel for most of the year (orange trend lines on Chart 1), the market broke higher from this channel at the end of November.


Looking at Bitcoin daily chart (Chart 1)


Chart 1: BTCUSD daily


Over this time, three steeper ascending trend lines can be drawn:


• 15 September to 12 November lows (orange trend l ine);


• 12 November to 30 November lows (purple trend l ine); and


Chart 2: BTCUSD daily trendlines


• off the 30 November low, which remains in place at time of writing and was tested on 10 December.


Bitcoin: three ascending trend lines (Chart 2)


These successive ascending trend lines could suggest a strongly


trending market,


as does the observation that we have not seen the market correct below a previous low since the 12 November low. The 13 December


low at $15,492 did not overlap 48 FX TRADER MAGAZINE January - March 2018 Chart 2: BTCUSD daily trendlines These successive Source: TinkMarkets/Trade Interceptor ascending trend lines could suggest a strongly trending market Source: TinkMarkets/Trade Interceptor Source: TinkMarkets/Trade Interceptor


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