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Bitcoin technical analysis: BTC/USD needs to breakdown $12,000-12,500 for chance at $15,000

  • Bitcoin price is trading in positive territory,  gains of some 5% on Friday in the second part of the session. 
  • BTC/USD managed to catch support from an ascending daily trend line.
  • The price underwent a large correction on Thursday, which has seen the bulls buy those dips. 
Bitcoin technical analysis: BTC/USD needs to breakdown $12,000-12,500 for chance at $15,000
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 11,725.45

Relative change:      +5.50%

High:                        12,099.98

Low:                         10,739.16

BTC/USD 60-minute chart

  • Near-term ascending channel formation, which could be viewed as a bearish flag. 

BTC/USD daily chart

  • Price action via the daily has managed to catch support from an ascending trend line. 

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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