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Bitcoin Technical Analysis: BTC/USD bulls eyeing up $5500 again for greater gains

  • Bitcoin price on Thursday is trading in very minor positive territory up some 0.90%.
  • BTC/USD bulls are capped to the upside by resistance seen heading into $5500 territory.  
  • Big defending of the $5000 area can be seen, the new likely bottom, next major resistance for the bulls eyed up at $5500. 
Bitcoin Technical Analysis: BTC/USD bulls eyeing up $5500 again for greater gains
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  5253.52

Relative change:      +0.90%

High:                         5298.25

Low:                          5221.88

BTC/USD

Overview
Today last price5264.15
Today Daily Change34.73
Today Daily Change %0.66
Today daily open5229.42
 
Trends
Daily SMA204904.44
Daily SMA504300.95
Daily SMA1003962.87
Daily SMA2004585.54
Levels
Previous Daily High5271.25
Previous Daily Low5187.76
Previous Weekly High5468.54
Previous Weekly Low4912.39
Previous Monthly High4130.71
Previous Monthly Low3672.34
Daily Fibonacci 38.2%5239.35
Daily Fibonacci 61.8%5219.65
Daily Pivot Point S15187.7
Daily Pivot Point S25145.99
Daily Pivot Point S35104.22
Daily Pivot Point R15271.19
Daily Pivot Point R25312.96
Daily Pivot Point R35354.68

BTC/USD 60-minute chart

  • As can be seen via the 60-minute chart view, heavy defending at the $5000 territory, the new likely bottom and chunky resistance heading into $5500 area. 

BTC/USD daily chart

  • Price action continues to move within a bullish pennant pattern formation, subject to breakout higher.  

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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