Bitcoin Price Intraday Analysis: BTC/USD Near Breakout

[emjay825]

Bitcoin on Tuesday continued its uptrend, rising close to 3 percent since its intraday low from yesterday.

The BTC/USD pair today opened near 7272-fiat while correcting from its previous low around 7248-fiat. At the beginning of the Asian trading session, the pair stayed on a stable and steady uptrend. As the session matured, and European hours came into play, the uptrend intensified and eventually formed higher highs towards 7415-fiat. At the same time, BTC/USD continued to flirt with the Rising Wedge resistance level.

While BTC/USD continues to trend upward inside the Rising Wedge channel, introduced in one of our previous analysis, we are also noticing a bull pennant formation to confirm a stable bullish sentiment in the market. The BTC/USD on hourly charts is also above its 100H and 200H moving averages, while the RSI and Stochastic Oscillator indicators have also jumped close to the overbought regions, further strengthening in the near-term bullish bias of the Bitcoin market.

We are of course waiting for a potential breakout above the Rising Wedge resistance to confirm a strong medium-term rally towards the next upside targets, primarily towards 7460-fiat while eyeing 7819-fiat. Let’s discuss our intraday positions further in the section below.

Fantastic! However, I'll be happier if Bitcoin could break that $8200 level before the year ends. What about you guys? Let us know your thoughts below. Read more: https://www.ccn.com/bitcoin-price-intraday-analysis-btc-usd-near-breakout/