CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Bitcoin price chart analysis: established trading range may finally break

By Nathan Batchelor

08:13, 30 June 2020

Bitcoin price chart analysis

Bitcoin could be set to break into a new trading range after weeks of being confined between the $9,000 to $10,000 levels.

Bitcoin price chart analysis shows that a bullish breakout above the $9,800 level could see the cryptocurrency testing the $11,500 level.

Bitcoin medium-term price trend

Bitcoin experienced more volatility last week, following a rally towards the $9,800 area, and then a sudden reversal to the $8,800 level.

The record amount of Bitcoin option expirations last week also left traders unsure as to in which direction the pioneer cryptocurrency will trade.

A break from the $8,700 to $9,800 price range should see a major directional move taking place in BTC/USD.

Bitcoin price chart analysis

Bitcoin price technical analysis shows that the BTC/USD could rally towards the $11,500 area if the $9,800 resistance area is broken this week.

The daily time frame continues to show that an ascending triangle pattern remains valid, despite last week's price drop.

Traders may wait for a confirmed breakout above the $9,800 level to initiate new BTC/USD buy positions, with the $10,500 and $11,500 the upside targets.

Gold

2,685.10 Price
+1.310% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee 0.0092%
Overnight fee time 22:00 (UTC)
Spread 0.30

ETH/USD

3,419.97 Price
+10.950% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

US100

20,739.20 Price
+0.460% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

99,212.50 Price
+4.980% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

To the downside, a loss of the $8,700 may see BTC/USD falling towards the $8,100 and possibly the $7,000 level.

What is your sentiment on EA?

168.11
Bullish
or
Bearish
Vote to see Traders sentiment!

Bitcoin short-term price trend

Bitcoin price technical analysis highlights that the bulls are only in control while the price trades above the cryptocurrency’s 50-day moving average, around the $9,400 support level.

The lower time frames currently show that a bullish inverted head-and-shoulders pattern has formed.

Bitcoin price chart analysis

According to the size of the bullish reversal pattern, the BTC/USD pair could rally towards the $10,100 level.

A sustained break from the $9,550 is currently required to activate the mentioned bullish price pattern.

Bitcoin technical summary

Bitcoin price chart technical analysis highlights that a breakout above the $9,800 level could see a rally towards the $11,500 level. A major range breakout would then take place.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading