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.
Spot rate: 5253.52
Relative change: +0.90%
High: 5298.25
Low: 5221.88
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
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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