Technical Analysis – BTCUSD forms a failure swing bottom pattern; eases below 2-week high

Melina Deltas, XM Investment Research Desk

BTCUSD has been creating a failure swing bottom pattern and if the price jumps above the one-and-a-half-year high of 13809 would confirm the buying interest. The rebound on the 9582 support level helped the price to climb towards a two-week high of 12767, surpassing the Ichimoku cloud and the short-term moving averages.

However, the RSI indicator is forming a downside move following the pullback on the 70 level, while the MACD is still increasing distance above its trigger line.

More gains could send the price above intraday’s high until the 13809 peak, while a successful attempt above this level, could endorse the scenario for bullish rally until the 14842 minor resistance of the high on January 2018.

On the downside, the 11982 support level and the upper surface of the Ichimoku cloud near 11712 could be the immediate barriers. Should the price decisively close below this roof could extend declines until the 10710 area.