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.
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
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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