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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.
Bitcoin technical analysis: BTC/USD big price development for the bulls
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 10,293.00

Relative change:      +2,10%

High:                         10,342.10

Low:                          9881.11

BTC/USD

Overview
Today last price10291.72
Today Daily Change205.59
Today Daily Change %2.04
Today daily open10086.13
 
Trends
Daily SMA2010186.58
Daily SMA5010463.1
Daily SMA1008766.72
Daily SMA2006392.59
Levels
Previous Daily High10132.57
Previous Daily Low9575.55
Previous Weekly High10835.35
Previous Weekly Low9512
Previous Monthly High13195.19
Previous Monthly Low9080.79
Daily Fibonacci 38.2%9919.79
Daily Fibonacci 61.8%9788.33
Daily Pivot Point S19730.26
Daily Pivot Point S29374.4
Daily Pivot Point S39173.25
Daily Pivot Point R110287.28
Daily Pivot Point R210488.43
Daily Pivot Point R310844.3

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

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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