BTC/USD Technical Analysis: Potential upside breakout on the cards

Bitcoin is consolidating after hitting 8K earlier in the session.
There is a triangle type pattern forming on the hourly chart.

Rajan Dhall, MSTA FX Daily

BTC/USD Hourly Chart

Bitcoin has based out today and there is a chart pattern forming that has broken higher.

The triangle was broken earlier in the session and now the top of the pattern is acting as support which is often the case.

A confirmation of the move higher will only occur if 8,150 is broken to the upside.

This is the consolidation high and new pattern top.

The MACD indicator is also showing positive signs as the histogram is above zero.

The next thing to look out for is the two MA lines moving over the zero level.

Additional Levels

BTC/USD

Overview
Today last price	8110.19
Today Daily Change	-12.32
Today Daily Change %	-0.15
Today daily open	8122.51

Trends
Daily SMA20	8912.04
Daily SMA50	8513.96
Daily SMA100	9344.93
Daily SMA200	9294.97

Levels
Previous Daily High	8196.38
Previous Daily Low	7990.61
Previous Weekly High	9137.8
Previous Weekly Low	8369.16
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	8069.22
Daily Fibonacci 61.8%	8117.78
Daily Pivot Point S1	8009.96
Daily Pivot Point S2	7897.4
Daily Pivot Point S3	7804.19
Daily Pivot Point R1	8215.73
Daily Pivot Point R2	8308.94
Daily Pivot Point R3	8421.49

Author

Rajan Dhall, MSTA

FX Daily

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

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