- Technical analysis of BTC/USD shows that the market is giving a buy signal.
- Bulls need to push the market above $3,500 to establish an upward trend.
BTC/USD daily graph
- BTC/USD daily graph charts a triangle pattern from which the market does a bullish breakout.
BTC/USD hourly graph
- BTC/USD to test the $3,440 resistance line while jumping off the $3,430 support line.
- 20-day simple moving average (SMA 20) crosses over with SMA 50 to indicate a buy signal.
BTC/USD 4-hour graph
- BTC/USD 4-hour graph trending above the SMA 20 curve to indicate a bullish market.
- The last candlestick is below the upper curve of the 20-day Bollinger band, which shows that the market isn’t as bullish as it should be.
- The moving average convergence/divergence (MACD) doesn’t indicate a proper momentum reversal.
Key Levels
- Resistance 3: $3,552.09
- Resistance 2: $3,504.10
- Resistance 1: $3,470.66
- Pivot Point: $3,422.67
- Support 1: $3,389.22
- Support 2: $3,341.23
- Support 3: $3,307.78
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