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BTC/USD technical analysis: Some important technical patterns are on the hourly chart

  • There is a wedge pattern on the hourly chart that could confirm a bullish directional break.
  • After the channel breakout on the chart, the market has pulled back to retrace near 8,200.
BTC/USD technical analysis: Some important technical patterns are on the hourly chart
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD has clearly broken out on the upside from the channel formation.

Now the price has consolidated into a wedge formation and a break higher could be on the cards.

Price is under the main value area which is represented by the volume profile indicator on the right-hand side of the chart.

The relative strength index indicator (RSI) has a trendline at the top and a break above could confirm a bullish move. 

On the downside, a break below the 8k support is the level to keep an eye on but a break of the wedge formation would be first.

Bitcoin Analysis

BTC/USD

Overview
Today last price8156.98
Today Daily Change-54.82
Today Daily Change % -0.67
Today daily open8211.8
 
Trends
Daily SMA20 8769.59
Daily SMA509651.08
Daily SMA10010216.67
Daily SMA2008541.77
 
Levels
Previous Daily High8308.94
Previous Daily Low7768.77
Previous Weekly High8532.46
Previous Weekly Low7706.37
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%8102.6
Daily Fibonacci 61.8%7975.12
Daily Pivot Point S17884.07
Daily Pivot Point S27556.34
Daily Pivot Point S37343.9
Daily Pivot Point R18424.23
Daily Pivot Point R28636.67
Daily Pivot Point R38964.4

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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