Bitcoin price analysis: BTC/USD sitting just outside of descending channel, pending next move

BTC/USD resting on the upper trend line of the descending channel it broke out of.
Upside targets eyed at $11,780 and then $13,000.

Ken Chigbo Independent Analyst

The Bitcoin price late on Friday gave back its early gains, seen down marginally by around 0.50%. Post strong commentary from Bank of England Governor Mark Carney, noting that Bitcoin and the cryptocurrency market require regulation.

Full coverage on Mark Carney’s comments https://www.fxstreet.com/cryptocurrencies/news/bank-of-englands-governor-mark-carney-cryptocurrencies-are-failing-as-forms-of-money-201803021255

BTC/USD was making good progress after it reclaimed the $11,000 mark once again, however failed to maintain that upside momentum. It has been clear across the crypto market, that investors still continue to remain very cautious. Given the excessive amount of volatility seen previously, this may have hurt many within the market, hence the lack of full commitment seen with any trend of late.

Looking technically, BTC/USD is sitting on the upper trend line of the descending channel, which it has recently broken out of and closed above on a daily. Given the lack of momentum seen at this time, it wouldn’t be surprising if it slips back below. Support is tracking around $10,800. If the bulls decide to reappear, then upside target seen at around $11,780, February 20 high, further north $13,000, the high printed on 20th January.

BTC/USD daily chart

Author

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.

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