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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.

Ken Chigbo Independent Analyst

Spot rate: 11,745.77

Relative change: -2.07%

High: 12,150.20

Low: 11,385.94

BTC/USD

Overview
Today last price	11763.83
Today Daily Change	-210.44
Today Daily Change %	-1.76
Today daily open	11974.27

Trends
Daily SMA20	10457.98
Daily SMA50	10865.05
Daily SMA100	9245.02
Daily SMA200	6698.01

Levels
Previous Daily High	12041.85
Previous Daily Low	11467.56
Previous Weekly High	10669.04
Previous Weekly Low	9112.54
Previous Monthly High	13195.19
Previous Monthly Low	9080.79
Daily Fibonacci 38.2%	11686.94
Daily Fibonacci 61.8%	11822.47
Daily Pivot Point S1	11613.94
Daily Pivot Point S2	11253.6
Daily Pivot Point S3	11039.64
Daily Pivot Point R1	12188.23
Daily Pivot Point R2	12402.19
Daily Pivot Point R3	12762.52

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

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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BTC/USD

BTC/USD 60-minute chart

BTC/USD daily chart

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