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Bitcoin Price Analysis: BTC/USD is still chasing 10K

  • Bitcoin trades 1.4% high on Monday as crypto sentiment remains positive.
  • The price has now moved into a triangle pattern and a break could help determine the future path of the coin.
Bitcoin Price Analysis: BTC/USD is still chasing 10K
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD daily chart

Bitcoin is trading well on Monday after some choppy price action over the last four sessions. The bulls just have not managed to have a clear run at the highs in recent session as every time the BTC/USD pair has a bullish close the next day seems to be a negative one. Price action on Monday as been pretty positive and the pair continues to trade above 9K but fails to hit 10K due to a lack of bullish momentum.

The technicals on the chart all point to a bullish resolution but it feels like the bulls have run out of steam. The major moving averages (55 & 200) are still below the price which is good for the bulls. This means that if the price does fall back they could provide support. The MACD is also looking positive as the signal lines are over the zero level and the histogram looks like it's just above to cross over too. The Relative Strength Index is above the 50 mid-point but there is still a down tilt from the past 3 price waves. 

There is no doubt that the price is still in a medium-term uptrend. It would just be nice to see some more backing and a break of the 10079.00 wave high.

Bitcoin Chasing 10K

Additional levels

BTC/USD

Overview
Today last price9585.66
Today Daily Change138.51
Today Daily Change %1.47
Today daily open9447.15
 
Trends
Daily SMA209327.76
Daily SMA508537.19
Daily SMA1007902
Daily SMA2008063.78
 
Levels
Previous Daily High9705.84
Previous Daily Low9378.72
Previous Weekly High9614.06
Previous Weekly Low8637.26
Previous Monthly High10074.48
Previous Monthly Low8105.58
Daily Fibonacci 38.2%9503.68
Daily Fibonacci 61.8%9580.88
Daily Pivot Point S19315.3
Daily Pivot Point S29183.45
Daily Pivot Point S38988.18
Daily Pivot Point R19642.42
Daily Pivot Point R29837.69
Daily Pivot Point R39969.53

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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