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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
