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Bitcoin technical analysis: BTC/USD bulls could force a fast move up to $15,000

  • Bitcoin price on Tuesday is an outperformer, holding gains of some 2.7% in the second half of the day. 
  • BTC/USD bulls are testing a big barrier at $11,500, should a breach be seen it could open a fresh wave of buying pressure. 
  • Price action is displaying similar characteristics to the 2017 bull run, where it went on to print record highs. 
Bitcoin technical analysis: BTC/USD bulls could force a fast move up to $15,000
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 11,321.68

Relative change:      +2.80%

High:                        11,470.34

Low:                         11,001.47

BTC/USD 60-minute chart

  • Price action is moving within a rising wedge structure via the 60-minute chart view. 

BTC/USD weekly chart

  • The $11,500 barrier could the key to a fast return into the $15,000 territory.  

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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Bitcoin technical analysis: BTC/USD bulls could force a fast move up to $15,000