Bitcoin price chart analysis: bulls looking to take control
14:34, 27 July 2020
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.
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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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.
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.