BTC/USD technical analysis: Nice price pattern breakout could lead to higher levels


  • Bitcoin sentiment is better today as BTC/USD trades 1.44% today.
  • The decending wedge formation broke to the upside today.

Bitcoin analysis

On the intraday timeframe, there was a nice pattern breakout in the BTC/USD pair.

There was a descending wedge formation in the price action yesterday as 10k was defended yet again.

Price is now headed to the value area on the chart pointed out by the volume profile indicator on the left.

The peak of the bell curve represents the price were most contracts have been traded.

Currently, the price is USD 100 away from that level but is looking positive and could reach there this evening.

The RSI indicator has hit the overbought level and could be due a small retracement but this does not mean the buying is over.

The next resistance level on the way up is at 10,483.13 and we could see some hesitation there. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin and major altcoins extend the decline on Monday

BTC/USD is currently trading at $9,822 (+1.6% on a day-to-day basis). The coin has recovered from the intraday low of $9,714, however, the upside momentum is still slow. 

More Cryptocurrencies News

LTC/USD freefall to $60 seems imminent

Litecoin recently climbed several barriers including $70 and $80. Although the focus was on $100, the high formed at $84 marked the end of the rally. The price has retreated to $72, besides the bulls are fighting to keep LTC above $70. 

More Litecoin News

NEO/USD regains ground above $14.00 as Binance launches NEO/USDT futures

NEO/USD topped at $16.72 on February 14 and hit the recent low of $13.41 on Sunday amid global sell-off on the cryptocurrency market.

More NEO News

Bitcoin Cash Market Update: BCH/USD 6% dive ravages $400 support

Bitcoin Cash is leading the sloth of bears in the cryptocurrency market. The losses that started on Saturday continued to dominate both the Asian session and the European sessions on Monday. BCH/USD is trading at $385 following a 6.72% loss on the day.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP