BTC/USD: Bullish pattern in play

BTC/USD is currently trading at the price level of $8738 and continues to build on the bullish return picture drawn on Monday, which triggered a bullish pattern that is still in play, as FXStreet’s Tomás Sallés notes.

Key quotes

“This bullish Doji and hedge figure will remain bullish as long as the price does not close below the $8700 level. Above the $8920 level, the signal will move up to express its upward potential.”

“Above the current price, the first resistance level is at $9131, then the second at $9650 while the first support level is at $8700.”

“The MACD on the daily chart decreases the bearish profile and continues the process of turning to a neutral position.”

“The DMI on the daily chart shows bears still below the ADX line, confirming the loss of downward momentum. Today's bulls are losing strength but staying within striking distance of the bear's position.”