Ken Chigbo
Independent Analyst
- Bitcoin remains firmly above the key long-running ascending trend line.
- Given current moves technically, upside targets will be eyed at $10,000 and then $11,700.
The Bitcoin price is seen up with margin gains of 1% on Monday, modest indeed for now, however, the key here now is BTC/USD has continued the bullish momentum and above the long-running ascending trend line.
BTC/USD bulls managed to drive higher with gains seen more than 35%, as there were some doubts the upside momentum may not have been enough to take Bitcoin back above the important trend line. The initial resistance was seen quite heavy at $8,500.
Technically, given the daily closures above the above-mentioned strong resistance, it has left the door open for bulls to take this further north. Naturally the next upside target will be the psychological $10,000 mark to be reclaimed, then $11,700, where the price on 5th March, produced a double top formation. Support is currently tracking at $8,500, in proximity to the above-mentioned trend line.
BTC/USD daily chart
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