Bitcoin Price Analysis: BTC/USD subject to explosive move north
|- Bitcoin price on Friday is seen holding minor gains of some 0.25% late in the session.
- BTC/USD price action has formed a bullish flag pattern, subject to a breakout.
Bitcoin price is seen holding minor gains of some 0.25% in the latter part of the session on Friday. Price action continues to move within a narrowing daily range, subject to an imminent breakout, given the extent of the tightening.
BTC/USD price action has formed a bullish flag pattern formation, this can be observed via the 4-hour chart view. The pole of the flag having been formed with the big jump north seen on 8th February.
The price can be observed moving within a channel formation, which is also the flag remaining intact currently. The upper trend line can be seen tracking at $3600, a break above here would likely see another wave of buying pressure. Support to the downside seen at the lower trend line of flag, $3530-50 area.
BTC/USD 4-hour chart
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