Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- Thanks to continued dollar weakness, bitcoin price has broken past resistance. Technicals also suggest there is more upside potential ahead.
Thanks to continued dollar weakness, bitcoin price has broken past a handful of critical levels. As of this writing, BTCUSD is trading well above the $10,000.00 psychological handle at $10,978.31. Technicals also suggest there is more upside potential ahead.
On the 1-hour time frame, it can be seen that bitcoin price has recently been making lower highs and higher lows. Because this follows after a strong rally, a bullish pennant chart pattern has formed. When you enroll in our free forex trading course, you will learn that this is widely considered as a bullish continuation pattern. A strong close above the high of July 27 at $11,417.11 could mean that we could soon see BTCUSD rally to $12,325.00 where it peaked on August 2019.
On the other hand, a strong close below today’s low at $10,855.81 may mean that there are still sellers in the market. Bitcoin price could slide to $10,449.40 where it may test the 61.8% Fib level (when drawing the Fibonacci retracement tool from the low of July 26 to July 27). If support does not hold, the next floor could be at $9,873.22.
Bitcoin Price, 1-Hour Chart
