TRENDING:

GBP/USD

XAU/USD

Bitcoin Price Analysis: BTC/USD jumps up after charting morning star pattern this Wednesday

BTC/USD broke above the SMA 50 curve this Wednesday in the daily chart.
The RSI indicator in the hourly chart is crawling along the edge of the overbought zone.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD bulls remain in cruise control after the price went up from $7,137 to $7,147.20 this Wednesday. Before this, BTC/USD finished charting a morning star pattern this Tuesday when it bounced up from the upward trending line and flew up from $6,855.70 to $7,137 – going past $7,000. In the process, the price managed to break above the SMA 20. The bulls are aiming to conquer the $7,354.85 resistance line before it gets checked by the upper curve of the 20-day Bollinger Band. The MACD indicates sustained bullish momentum, while the Elliott Oscillator has had five straight red sessions.

BTC/USD hourly chart

The hourly chart shows that the price has steadily risen over this Wednesday and Thursday, rising above the green Ichimoku cloud and the pennant structure. The bulls are next aiming for the $7,177.20 resistance line. The RSI indicator is crawling along the edge of the overbought zone.

Key levels

BTC/USD

Overview
Today last price	7163.38
Today Daily Change	26.32
Today Daily Change %	0.37
Today daily open	7137.06

Trends
Daily SMA20	7000.17
Daily SMA50	6807
Daily SMA100	8050.61
Daily SMA200	7981.44

Levels
Previous Daily High	7166.59
Previous Daily Low	6826.77
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7036.78
Daily Fibonacci 61.8%	6956.58
Daily Pivot Point S1	6920.36
Daily Pivot Point S2	6703.65
Daily Pivot Point S3	6580.53
Daily Pivot Point R1	7260.18
Daily Pivot Point R2	7383.3
Daily Pivot Point R3	7600

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.