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BTC/USD technical analysis: Bitcoin moves to the top of a bull flag formation

  • Bitcoin moves above breakeven for the first time today.
  • The technical bull flag pattern looks vulnerable to an upside break.
BTC/USD technical analysis: Bitcoin moves to the top of a bull flag formation
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

After the break higher yesterday Bitcoin has consolidated into a bull flag formation.

The technical pattern now looks susceptible to an upside break. 

There is also a relative strength index (RSI) trendline break on the cards that could indicate more upside pressure.

Volume is much lighter than yesterday and if it does not pick up sometimes that is a sign of a false break.

Bitcoin analysis

BTC/USD

Overview
Today last price8595.88
Today Daily Change 7.01
Today Daily Change % 0.08
Today daily open8588.87
 
Trends
Daily SMA208586.8
Daily SMA509552.71
Daily SMA10010171.01
Daily SMA2008585.84
 
Levels
Previous Daily High8690.66
Previous Daily Low8119.82
Previous Weekly High8532.46
Previous Weekly Low7706.37
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%8472.6
Daily Fibonacci 61.8%8337.88
Daily Pivot Point S18242.24
Daily Pivot Point S27895.61
Daily Pivot Point S37671.4
Daily Pivot Point R18813.08
Daily Pivot Point R29037.29
Daily Pivot Point R39383.92

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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