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.

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