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.
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.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
