Bitcoin Price Analysis: Bulls Win Compelling Breakout

Over the last 24 hours, BTC has convincingly broken to the upside resulting in price levels hitting the bullish target set in my previous Bitcoin price analysis piece just 2 Day ago. Price action looks to now be forming a rising wedge type pattern that should see BTC re-test POC around $11,250.


Bitcoin Price Analysis 60 Minute Chart
BTC 60 MIN

On the 60 Minute Chart for Bitcoin price analysis, we can clearly see the recent convincing breakout to the upside that took place on July 8th around 08:00 AM just over 30 Hours ago. Both the 50MA and 200EMA have clearly broken out of the asymmetrical triangle as well, clearly showing a clear breakout has taken place. My first profit target of around $12,800 has been hit over the last few hours.

Price action has now formed what appears to be a rising wedge as price levels near a big resistance point around $12,900. It’s likely that BTC will need to come back down to POC around $11,300 to sustain such incredible growth, if price action breaks down from the rising wedge this is where I’ll be looking to re-enter. Please bear in mind the trend is still very much bullish and we could see highs around $13,900 re-tested before any type of pull-back to POC (Point of Control) levels highlighted by the yellow line through the middle of my chart.


BTC Price Daily Chart
BTC Daily Chart

On the Daily chart for Bitcoin price analysis, we can see the most recent breakout to the upside has caused Maxx Momentum indicator (very similar to MACD), to cross back over the median to the upside resulting in green bullish momentum returning, which was seen during the prior move to current the current high of $13,900. Similar to the 60 Minute chart POC (Point of Control) sits around $11,250. Typically with such bullish moves, it’s safe to assume price levels will re-visit POC to sustain such movements.

If Maxx Momentum indicator gains strong momentum back and bulls break the yearly high of $13,900 the next sensible profit target would be around $16,300 located around the 1.618 Fibonacci level. One key resistance point coming up that will largely dictate if short-term price levels have much further upside to come is $12,900 which is currently the 0.786 Fibonacci level. There appears to be a large number of resting orders at this level meaning a substantial amount of volume would be required to break this level.


Key Price Range Not To Be Ignored

Once the key resistance point around $12,900 is broken there’s very little resistance between that point and levels close to BTC’s ATH around $20,000 meaning price action will likely move extremely quickly whilst around these price levels. It’s important to understand that anyone caught up within this price action will likely face to the wrath of the market maker whose ultimate goal is to liquidate both shorts and longs, meaning large wicks and unpredictable price action will likely occur at this point. We have seen this happen many times.

Do you think BTC will break key resistance around $12,900 over the coming days? or do you think price levels need to return back to POC around $11,250? Leave your thoughts about this Bitcoin price analysis in the comments below!


Images via Shutterstock, Tradingview

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