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Bitcoin Technical Analysis: BTC/USD bulls are edging closer to a large potential breakthrough

  • Bitcoin price on Tuesday is trading in positive territory up some 1.80% in the second half of the day.
  • BTC/USD bulls are attempting to break above the near-term resistance and supply of $5300-50, the top area of the past few sessions. 
  • Bulls will then be eying the $5500 area, before a return up to $6000. 
Bitcoin Technical Analysis: BTC/USD bulls are edging closer to a large potential breakthrough
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  5267.62

Relative change:      +1.90%

High:                         5288.11

Low:                          5164.25

BTC/USD

Overview
Today last price5260.98
Today Daily Change69.12
Today Daily Change %1.33
Today daily open5191.86
 
Trends
Daily SMA204436.6
Daily SMA504100.32
Daily SMA1003855.84
Daily SMA2004640.93
Levels
Previous Daily High5287
Previous Daily Low5145.35
Previous Weekly High5347.55
Previous Weekly Low4052.2
Previous Monthly High4130.71
Previous Monthly Low3672.34
Daily Fibonacci 38.2%5199.46
Daily Fibonacci 61.8%5232.89
Daily Pivot Point S15129.14
Daily Pivot Point S25066.42
Daily Pivot Point S34987.48
Daily Pivot Point R15270.79
Daily Pivot Point R25349.72
Daily Pivot Point R35412.44

BTC/USD 60-minute chart

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

BTC/USD daily chart

  • Bulls are in the process of breaking down the top area over the past few days seen around $5200-5350 range. 

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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