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Bitcoin technical analysis: BTC/USD another opportunity for the bulls tracking closely to a critical barrier

  • Bitcoin price in the session on Monday is trading with minor gains of some 0.10%.

  • BTC/USD bulls are trading ever so close to a critical barrier of resistance, as part of a narrowing triangular structure.  

  • A game-changing barrier appears to be at the round pychological $10,500 mark. 

Bitcoin technical analysis: BTC/USD another opportunity for the bulls tracking closely to a critical barrier
Ken ChigboKen ChigboIndependent Analyst
 
Spot rate:                  10,334.10

Relative change:      -0.90%

High:                         10,376.76

Low:                          10,289.73

BTC/USD daily chart

  • BTC/USD is flirting with a barrier of resistance, the upper acting trend line of a large narrowing triangular structure.

BTC/USD 60-minute chart

  • Price action is narrowing within a range-block formation, subject to an imminent breakout. 

Author

Ken Chigbo

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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