Bitcoin Price Analysis: BTC/USD upside can continue if key resistance is broken, head and shoulders pattern is a possibility
|- Bitcoin price was seen holding decent gains of 2.50%, in the latter stages of trading on Friday.
- BTC/USD has a challenge of breaking down $6600, but a head and shoulders formation can also be seen on the daily time frame.
The Bitcoin price was seen up over 2.2% late on Friday, with a decent pick up seen across the board within the crypto market. BTC/USD is heading for its third consecutive session closing in the green, after the slow start to the week.
BCH/USD bulls are currently attempting to break down sticky resistance, this is seen tracking from $6500-600. Looking at the daily time frame, a head and shoulders pattern is a potential. The left shoulder and head have been formed, neckline seen around $6100.
As mentioned above, should the bulls gather enough momentum and break down the $6600 level, this should invite some chunky upside pressure, seeing a good push up to $6800-900, where the upper part of the left shoulder is seen. There isn’t much support eyed until back down to $6100-6000.
BTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.