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Bitcoin Price Analysis: BTC breaks previous wave high in a bullish move

  • Bitcoin trades 5.64% higher on Thursday as the crypto space catches a bid.
  • The previous wave high of 7466.00 has been broken and the price could move to higher levels.
Bitcoin Price Analysis: BTC breaks previous wave high in a bullish move
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 4-hour chart

Bitcoin moved higher today in a bullish move which saw BTC/USD take out the previous wave high of 7466.00. Now it seems the pair looks on its way to test the psychological 8K level. The level is planted between the 138.2% and 161.8% Fibonacci extension levels. 

Looking closer at some of the technical indicators now and the price is still trading above both the 55 and 200 moving averages. The relative strength index indicator has now moved into overbought territory. This means we could see a small retracement before the trend continues in its upward trajectory. Another positive note is the volume spike marked by the circle at the bottom of the chart. It is good to see breakouts backed by good volume as its a good confirmation signal.

Bitcoin breaks higher

Additional levels

BTC/USD

Overview
Today last price7530.88
Today Daily Change393.82
Today Daily Change %5.52
Today daily open7137.06
 
Trends
Daily SMA207000.17
Daily SMA506807
Daily SMA1008050.61
Daily SMA2007981.44
 
Levels
Previous Daily High7166.59
Previous Daily Low6826.77
Previous Weekly High7216.69
Previous Weekly Low6466.49
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7036.78
Daily Fibonacci 61.8%6956.58
Daily Pivot Point S16920.36
Daily Pivot Point S26703.65
Daily Pivot Point S36580.53
Daily Pivot Point R17260.18
Daily Pivot Point R27383.3
Daily Pivot Point R37600

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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