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.

Ken Chigbo Independent 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

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs.

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.

Legal Text

Markets move fast. We move first.

Editor's Picks