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Bitcoin Technical Analysis: BTC/USD spikes 7% higher, as big bad bulls are back

  • Bitcoin price trading up on Monday, within gains of over 6%, thanks to a recent spike higher.
  • BTC/USD is trading around its highest levels in five sessions.
  • Bulls forced a spike of some 7% within just around 1 hour of trading this afternoon London time. 
Bitcoin Technical Analysis: BTC/USD spikes 7% higher, as big bad bulls are back
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 15-minute chart


 

Spot rate:                  3395.66

Relative change:      +6.80%

High:                         3433.98

Low:                          3183.38

Trend:                        Bullish

Resistance 1:             3450.00, near-term supply area.

Resistance 2:             3500.00, psychological resistance. 

Resistance 3:             3456.13, 7 December high.

Support 1:                  3163.40, daily pivot point support.

Support 2:                  3133.59, daily pivot point support.

Support 3:                  3086.30, daily pivot point support.

BTC/USD 60-minute chart

  • Bulls managed to make a break to the upside from a descending trend line of resistance.

BTC/USD daily chart

  • A breakout to the upside is required from the bulls from this recent range-block, for a larger wave of buying pressure. 

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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