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Bitcoin Technical Analysis: BTC/USD explosive breakout remains eyed

  • Bitcoin price on Monday was seen trading in very minor positive territory, by just 0.05%. Lack of commitment is still an issue for the market. 
  • BTC/USD continues to trade within the mundane range, which has been seen for 11 sessions now. 
Bitcoin Technical Analysis: BTC/USD explosive breakout remains eyed
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 15-minute chart

  • Price action has formed a bearish flag pattern, after the fall on Sunday. 

Spot rate:                 3544.42

Relative change:      +0.05%

High:                         3553.47

Low:                          3507.32

Trend:                        Bearish 

Support 1:                 3442.30, daily pivot point support.

Support 2:                 3350.33, daily pivot point support.

Support 3:                 3220.13, daily pivot point support.

Resistance 1:            3664.46, daily pivot point resistance.

Resistance 2:            3794.66, daily pivot point resistance.

Resistance 3:            3886.63, daily pivot point resistance.

BTC/USD 60-minute chart

  • Price moving within the range-block formation, buying comes into play at $3500-4000 area, resistance at $3700-800. 

BTC/USD daily chart

  • Price action stuck within lifeless range, seen for 11 sessions now. 

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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