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Bitcoin Technical Analysis: bulls escape, horns are pointing to the north

  • Bitcoin price was seen holding modest gains into the second part of Monday's session, in the green by some 0.3%. 
  • BTC/USD price action hard formed a bullish flag pattern, which has been broken to the upside. 
  • Near-term supply remains heavy around the $5400-600 range, large momentum needed to break above. 
Bitcoin Technical Analysis: bulls escape, horns are pointing to the north
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 30-minute chart 


 
 

Spot rate:                  6365.4

Relative change:      +0.30%

High:                         6371.0

Low:                          6274.4

Trend:                       Bullish/Neutral

Resistance 1:           6383.0, 12 November high area. 

Resistance 2:           6417.8, daily pivot point resistance.

Resistance 3:           6474.4, daily pivot point resistance.

Support 1:                6350.0, 100MA & upper part of bull flag. 

Support 2:                6301.1, daily pivot point support.

Support 3:                6244.4, daily pivot point support.

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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