Bitcoin Technical Analysis: BTC/USD eying up $20,000 after a convincing breakout
|- Bitcoin price is currently at $11,090 after a massive breakout.
- BTC/USD is forming a clear daily bull flag.
Bitcoin’s rally has a ton of momentum and trading volume keeping Bitcoin above $10,000. The daily EMAs haven’t caught up to the current price and there is really no resistance until well above $12,300. Bitcoin’s dominance has increased notably from 60% to 63% but it’s still low compared to its 70% peak in September 2019.
BTC/USD weekly chart
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The most important resistance level is located at $12,325, established in August 2019. Next point is set at $13,862 and $14,000 psychological level. These are not strong resistance levels. Bitcoin is also now in a confirmed weekly uptrend and well above both EMAs.
BTC/USD 4-hour chart
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Taking a closer look, we can observe Bitcoin in a 4-hour equilibrium pattern with a clear lower high at $11,199 and a higher low at $10,850. If any of these two levels break, Bitcoin will most likely get a lot of continuation in that direction. Bulls are definitely the favorite right now.
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