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Bitcoin technical analysis: BTC/USD price action subject to a potential sub $10,000 return

  • Bitcoin price in the session on Friday is trading firmly in the red, down some 2%.
  • BTC/USD upside is limited by a running descending trend line, seen via the daily. 
  • Price action appears to be forming a head and shoulders structure.
Bitcoin technical analysis: BTC/USD price action subject to a potential sub $10,000 return
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 11,745.77

Relative change:      -2.07%

High:                         12,150.20

Low:                          11,385.94

BTC/USD

Overview
Today last price11763.83
Today Daily Change-210.44
Today Daily Change %-1.76
Today daily open11974.27
 
Trends
Daily SMA2010457.98
Daily SMA5010865.05
Daily SMA1009245.02
Daily SMA2006698.01
Levels
Previous Daily High12041.85
Previous Daily Low11467.56
Previous Weekly High10669.04
Previous Weekly Low9112.54
Previous Monthly High13195.19
Previous Monthly Low9080.79
Daily Fibonacci 38.2%11686.94
Daily Fibonacci 61.8%11822.47
Daily Pivot Point S111613.94
Daily Pivot Point S211253.6
Daily Pivot Point S311039.64
Daily Pivot Point R112188.23
Daily Pivot Point R212402.19
Daily Pivot Point R312762.52

BTC/USD 60-minute chart

  • 60-minute price action is narrowing within a triangular structure, subject to a breakout. 

BTC/USD daily chart

  • Price action is limited to the upside by a descending trend line via the daily.

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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