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11 August 2022
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Bitcoin

Bitcoin Technical Analysis: BTC/USD bull flag awaits confirmation to launch Bitcoin above $10,000

  • After a notable price surge on June 22, Bitcoin established itself at $9,650.
  • The daily bull flag can easily break within two to three days.

After rumors from PayPal and Venmo adding cryptocurrency payments, Bitcoin and the rest of the market saw a big pump. BTC/USD peaked at $9,786 before a slight correction to $9,600 but still managed to close at $9,689 above the daily 12-EMA and the 26-EMA which have remained bullish.

BTC/USD daily chart

BTCUSD

A clear trend change occurred on June 22 and Bitcoin is trading inside a daily uptrend. There is really not a lot of resistance to the upside, in fact, $10,000 is the only real resistance level that bulls need to worry about.

We know that $10,000 is crucial and Bitcoin has been rejected from the level several times in the past. If the bull flag is confirmed and BTC can climb above $9,786, it could easily break $10,000, this time for good. There are many fundamental metrics in favor of Bitcoin but another rejection at $10K would be devastating.

BTC/USD technical levels

BTC/USD

OVERVIEW
Today last price 9642.88
Today Daily Change -47.05
Today Daily Change % -0.49
Today daily open 9689.93
TRENDS
Daily SMA20 9545.5
Daily SMA50 9418.35
Daily SMA100 8179.1
Daily SMA200 8271.77
LEVELS
Previous Daily High 9786.22
Previous Daily Low 9269.05
Previous Weekly High 9589.87
Previous Weekly Low 8899.05
Previous Monthly High 10074.48
Previous Monthly Low 8105.58
Daily Fibonacci 38.2% 9588.66
Daily Fibonacci 61.8% 9466.61
Daily Pivot Point S1 9377.24
Daily Pivot Point S2 9064.56
Daily Pivot Point S3 8860.08
Daily Pivot Point R1 9894.41
Daily Pivot Point R2 10098.9
Daily Pivot Point R3 10411.58
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