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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.

Ken Chigbo Independent 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

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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