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Bitcoin price chart analysis: bulls looking to take control

By Nathan Batchelor

14:34, 27 July 2020

Bitcoin price chart analysis

Bitcoin finally came to life last week, following weeks of narrow trading ranges and subdued trading volumes.

Bitcoin price chart analysis shows that short-term bulls have the upper hand while the price trades above the $9,475 level.

Bitcoin medium-term price trend

Bitcoin advanced to a fresh monthly trading high last week, as the BTC/USD pair rallied moved back above its key 50-day moving average.

Bitcoin price technical analysis shows that the BTC/USD pair is attempting to ignite a bullish ascending triangle pattern.

Bitcoin price technical analysis

The daily time frame shows that a bullish breakout from an ascending triangle will take place if bulls hold the price above the $10,000 level.

According to the size of the pattern, a sustained breakout above the ascending triangle pattern could see the BTC/USD pair to slide towards the $11,800 level.

Overall, if bulls can anchor price above the $10,000 level this week, the BTC/USD pair could build on its recent gains and move to a fresh 2020 trading high.

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Gold

2,689.81 Price
-0.770% 1D Chg, %
Long position overnight fee -0.0178%
Short position overnight fee 0.0095%
Overnight fee time 22:00 (UTC)
Spread 0.30

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

US100

21,082.10 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

76,528.00 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Bitcoin short-term price trend

Bitcoin price technical analysis shows that short-term bulls remain in control while the price trades above the $9,475 level.

Lower time frame analysis shows that the $9,800 level is a key technical area that BTC/USD bulls need to hold price above.

Bitcoin price technical analysis

The 9,800 level represents the former monthly trading high. Ideally, BTC/USD will keep price above the June high this week to encourage more strong technical buying.

Key technical support for the BTC/USD pair below the $9,800 level is located at the $9,580 and $9,470 levels.

Bitcoin technical summary

Bitcoin technical analysis indicates that the cryptocurrency is starting to appear more bullish. The $11,800 level remains the wider bullish target.

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