Bitcoin technical analysis: BTC/USD big price development for the bulls

Bitcoin price on Thursday in the latter part of the session is trading up some 2%.
BTC/USD is breaking out of a bearish pennant structure, killing off the technical set up for a push lower.
The price appears to be just one barrier away from $11,000 price return. Near-term 60-minute supply at $10,500 mark.

Ken Chigbo Independent Analyst

Spot rate: 10,293.00

Relative change: +2,10%

High: 10,342.10

Low: 9881.11

BTC/USD

Overview
Today last price	10291.72
Today Daily Change	205.59
Today Daily Change %	2.04
Today daily open	10086.13

Trends
Daily SMA20	10186.58
Daily SMA50	10463.1
Daily SMA100	8766.72
Daily SMA200	6392.59

Levels
Previous Daily High	10132.57
Previous Daily Low	9575.55
Previous Weekly High	10835.35
Previous Weekly Low	9512
Previous Monthly High	13195.19
Previous Monthly Low	9080.79
Daily Fibonacci 38.2%	9919.79
Daily Fibonacci 61.8%	9788.33
Daily Pivot Point S1	9730.26
Daily Pivot Point S2	9374.4
Daily Pivot Point S3	9173.25
Daily Pivot Point R1	10287.28
Daily Pivot Point R2	10488.43
Daily Pivot Point R3	10844.3

BTC/USD 60-minute chart

Heavy near-term supply at $10,500, the last major barrier ahead of $11,000.

BTC/USD daily chart

There is room for the bulls to capitalise given the breakout from a bearish technical structure, pennant.

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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BTC/USD

BTC/USD 60-minute chart

BTC/USD daily chart

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