TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape

  • Bitcoin price is trading in negative territory, down 0.30% in the second half of the session. 
  • BTC/USD has made steady progress after conquering the $7500 barrier, which is a new support area. 
  • The momentum higher came following a critical bullish pennant breakout. 
Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Bitcoin is now running towards its seven consecutive weeks in the green, following another positive close. 

BTC/USD daily chart

The price was able to continue upside momentum, squeezing and holding about $7500 a critical resistance barrier, now new support. There is room for an $8000 return. 

Spot rate:                7679.19

Relative change:     -0.30%

High:                       7805.02

Low:                        7637.51

BTC/USD

Overview
Today last price7688.49
Today Daily Change-15.84
Today Daily Change %-0.21
Today daily open7704.33
 
Trends
Daily SMA207126.13
Daily SMA506694.52
Daily SMA1008000.81
Daily SMA2007970.76
 
Levels
Previous Daily High7712.94
Previous Daily Low7491.5
Previous Weekly High7765.01
Previous Weekly Low6754.64
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7628.35
Daily Fibonacci 61.8%7576.09
Daily Pivot Point S17559.58
Daily Pivot Point S27414.82
Daily Pivot Point S37338.13
Daily Pivot Point R17781.02
Daily Pivot Point R27857.7
Daily Pivot Point R38002.46

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

More from Ken Chigbo
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.