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Bitcoin technical analysis: BTC/USD bulls are making a big step towards breakout

  • Bitcoin price in the session on Friday is trading with gains of some 3.05%.
  • The price has been on a decent recovery, after bottoming out late August down at $9500.
  • BTC/USD price action is moving within a narrowing triangular structure, moving closer towards a breakout. 
  • The bulls must break down supply running from $10,500-11,000 range. 
Bitcoin technical analysis: BTC/USD bulls are making a big step towards breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  

Relative change:      +0.50%

High:                         10,910.58

Low:                          10,564.61

BTC/USD

Overview
Today last price10916.36
Today Daily Change340.43
Today Daily Change %3.22
Today daily open10575.93
 
Trends
Daily SMA2010201.01
Daily SMA5010439.09
Daily SMA10010191.8
Daily SMA2007663.9
Levels
Previous Daily High10663.35
Previous Daily Low10459.79
Previous Weekly High10668.08
Previous Weekly Low9321.06
Previous Monthly High12325.08
Previous Monthly Low9321.06
Daily Fibonacci 38.2%10537.55
Daily Fibonacci 61.8%10585.59
Daily Pivot Point S110469.36
Daily Pivot Point S210362.79
Daily Pivot Point S310265.79
Daily Pivot Point R110672.92
Daily Pivot Point R210769.92
Daily Pivot Point R310876.49

BTC/USD daily chart

  • Price action is narrowing within a large triangular structure, subject to a breakout. 

BTC/USD 60-minute chart

  • Near-term price action has smashed out from a bullish pennant structure, inviting another wave of buying. 

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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