Bitcoin Technical Analysis: Bulls look ready to stampede aggressively further north

Bitcoin price in the second half of the session on Tuesday was seen holding modest gains of 1%.
BTC/USD bullish pennant pattern formation can be eyed via the 60-minute chart view, subject to a breakout.

Ken Chigbo Independent Analyst

BTC/USD 15-minute chart

Price is gunning towards a retest of the session high area, a break would likely open the door to another buying pressure wave.

Spot rate: 3924.27

Relative change: +1.02%

High: 3954.85

Low: 3867.93

Trend: Bullish

Trends:
    Daily SMA20: 3529.23
    Daily SMA50: 3614.23
    Daily SMA100: 3983.06
    Daily SMA200: 5279.73

Levels:
    Previous Daily High: 3912.74
    Previous Daily Low: 3617.55
    Previous Weekly High: 3655.36
    Previous Weekly Low: 3536.68
    Previous Monthly High: 4110.71
    Previous Monthly Low: 3341.58
    Daily Fibonacci 38.2%: 3799.98
    Daily Fibonacci 61.8%: 3730.31
    Daily Pivot Point S1: 3686.64
    Daily Pivot Point S2: 3504.51
    Daily Pivot Point S3: 3391.46
    Daily Pivot Point R1: 3981.83
    Daily Pivot Point R2: 4094.88
    Daily Pivot Point R3: 4277.02

BTC/USD 60-minute chart

Bullish pennant pattern eyed, subject to an extended move to the north.

BTC/USD daily chart

Bulls are gradually guiding the price into a chunky area of supply, tracking from $4000-4500.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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