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Bitcoin Price Surges to $10,000.00 With Technicals Suggesting More Upside Potential

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Written By: Angeline Feliciano

Jul 29, 2020, 04:58 BST 04:58

Bitcoin - BTCUSD

Summary:

Thanks to continued dollar weakness, bitcoin price has broken past resistance. Technicals also suggest there is more upside potential ahead.

Thanks to continued dollar weakness, bitcoin price has broken past a handful of critical levels. As of this writing, BTCUSD is trading well above the $10,000.00 psychological handle at $10,978.31. Technicals also suggest there is more upside potential ahead.

On the 1-hour time frame, it can be seen that bitcoin price has recently been making lower highs and higher lows. Because this follows after a strong rally, a bullish pennant chart pattern has formed. When you enroll in our free forex trading course, you will learn that this is widely considered as a bullish continuation pattern. A strong close above the high of July 27 at $11,417.11 could mean that we could soon see BTCUSD rally to $12,325.00 where it peaked on August 2019.

On the other hand, a strong close below today’s low at $10,855.81 may mean that there are still sellers in the market. Bitcoin price could slide to $10,449.40 where it may test the 61.8% Fib level (when drawing the Fibonacci retracement tool from the low of July 26 to July 27). If support does not hold, the next floor could be at $9,873.22.

Bitcoin Price, 1-Hour Chart

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.