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BTC/USD Technical Analysis: Could this chart pattern forecast a price rise?

  • Bitcoin picked up on Wednesday and today dropped back 2%.
  • There is a bull flag chart pattern on the 30-minute timeframe.
BTC/USD Technical Analysis: Could this chart pattern forecast a price rise?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 30-Min Chart

Bitcoin pulled back from some of the losses seen on recently and picked up on Wednesday.

Now on Thursday, the price has consolidated into a bull flag formation you can see on the chart below.

If the pattern breaks it could indicate some more bullishness on the horizon.

The bulls will be aiming for the 7,445.00 high. 

Beyond that, there is another resistance at 7,296.44.

Bitcoin Technical Analysis

Additional Levels

BTC/USD

Overview
Today last price 7146.9
Today Daily Change-139.90
Today Daily Change %-1.92
Today daily open 7286.8
 
Trends
Daily SMA207281.81
Daily SMA507997.77
Daily SMA1008446.68
Daily SMA2009327.21
 
Levels
Previous Daily High7452.54
Previous Daily Low6432.05
Previous Weekly High7654.18
Previous Weekly Low7076.68
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7062.71
Daily Fibonacci 61.8%6821.88
Daily Pivot Point S16661.72
Daily Pivot Point S26036.63
Daily Pivot Point S35641.22
Daily Pivot Point R17682.21
Daily Pivot Point R28077.63
Daily Pivot Point R38702.71

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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