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BTC/USD Technical Analysis: Bitcoin is looking bullish - Watch for a break of this level

  • Bitcoin has pushed higher to trade flat after being 2% lower earlier in the session.
  • Now the BTC/USD pair is looking to complete the technical inverse head and shoulders pattern.
BTC/USD Technical Analysis: Bitcoin is looking bullish - Watch for a break of this level
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 1-Hour Chart

Bitcoin is looking to push higher on the hourly chart below.

The chart highlights the inverse head and shoulders formation. 

Now the 7,676 resistance level is in focus as if the price breaks the level it will create a new wave high.

Beyond that, the 8K level could be the next target for the bulls.

Bitcoin analysis

Additional Levels

BTC/USD

Overview
Today last price7596.14
Today Daily Change71.14
Today Daily Change %0.95
Today daily open7525
 
Trends
Daily SMA208151.8
Daily SMA508378.39
Daily SMA1009059.32
Daily SMA2009367.37
 
Levels
Previous Daily High7676.01
Previous Daily Low6850.48
Previous Weekly High8633.09
Previous Weekly Low6787.81
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%7360.66
Daily Fibonacci 61.8%7165.83
Daily Pivot Point S17024.98
Daily Pivot Point S26524.96
Daily Pivot Point S36199.45
Daily Pivot Point R17850.52
Daily Pivot Point R28176.04
Daily Pivot Point R38676.06

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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