Bitcoin technical analysis: BTC/USD bulls used $7500 as a new bottom area

Bitcoin price is trading with gains of around 1.90% towards the latter stages of the session on Friday.
BTC/USD bulls have used the new bottom area seen at $7500, to spring back towards $8000 territory.
Next major target area to breakdown is $8800-900 range, where the price topped between 26th May - 3rd June.

Ken Chigbo Independent Analyst

Spot rate: 7954.34

Relative change: +1.90%

High: 8039.19

Low: 7761.80

BTC/USD

Overview
Today last price	7936.2
Today Daily Change	131.27
Today Daily Change %	1.68
Today daily open	7804.93

Trends
Daily SMA20	8168.35
Daily SMA50	6862.37
Daily SMA100	5581.66
Daily SMA200	4695.87

Levels
Previous Daily High	7873.41
Previous Daily Low	7454.63
Previous Weekly High	9090.94
Previous Weekly Low	7889.67
Previous Monthly High	9090.94
Previous Monthly Low	5266.72
Daily Fibonacci 38.2%	7713.43
Daily Fibonacci 61.8%	7614.6
Daily Pivot Point S1	7548.57
Daily Pivot Point S2	7292.21
Daily Pivot Point S3	7129.79
Daily Pivot Point R1	7967.35
Daily Pivot Point R2	8129.76
Daily Pivot Point R3	8386.12

BTC/USD 60-minute chart

Price action moving within a bearish pennant pattern, subject to a breakout via the 60-minute.

BTC/USD daily chart

Price action via the daily is resting a prior acting ascending trend line of support, proving to be new resistance.

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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