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Bitcoin Technical Analysis: BTC/USD consolidation ahead of next potential bull stampede

  • Bitcoin price on Wednesday is trading in the green, gains seen of some 0.50%. 
  • BTC/USD over the last two sessions despite the small gains has been trading within consolidation mode.
  • Bulls are eyeing the next major barrier to tackle, seen up at around $6500-800, ahead of $7000.
Bitcoin Technical Analysis: BTC/USD consolidation ahead of next potential bull stampede
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  5887.03

Relative change:      +0.50%

High:                         5914.58

Low:                          5664.63

BTC/USD

Overview
Today last price5886.18
Today Daily Change140.58
Today Daily Change %2.45
Today daily open5745.6
 
Trends
Daily SMA205393.2
Daily SMA504915.2
Daily SMA1004310.85
Daily SMA2004476.82
Levels
Previous Daily High5969.34
Previous Daily Low5687
Previous Weekly High5795.47
Previous Weekly Low5073.04
Previous Monthly High5632.53
Previous Monthly Low4052.2
Daily Fibonacci 38.2%5861.49
Daily Fibonacci 61.8%5794.85
Daily Pivot Point S15631.96
Daily Pivot Point S25518.31
Daily Pivot Point S35349.62
Daily Pivot Point R15914.29
Daily Pivot Point R26082.98
Daily Pivot Point R36196.63

BTC/USD 60-minute chart

  • Consolidation can be witnessed via the 60-minute, the price moving within a near-term ascending wedge, potentially even a bearish flag structure. 

BTC/USD daily chart

  • Price remains trading very close to the upper part of the breached bullish flag structure. 

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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