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Bitcoin technical analysis: BTC/USD bulls look ready for further moves north

  • Bitcoin price on Monday is trading with minor gains of over 0.4%, in the second half of the day. 
  • BTC/USD bulls are driving hard towards a retest of the weekend high area well into $11,000. 
  • Price action is moving a bullish penannt structure, with eyes on further moves north. 
Bitcoin technical analysis: BTC/USD bulls look ready for further moves north
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 10,893.34

Relative change:      +0.43%

High:                        10,959.47

Low:                         10,550.58

BTC/USD 60-minute chart

  • Price action via the 60-minute is moving within a bullish pennant structure, subject to a breakout higher. 

BTC/USD daily chart

  • BTC/USD bulls are set to retest the high area printed over the weekend, up to within the $11,000 territory, $11,225. A breach could open a further wave of buying pressure. 

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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