Ken Chigbo
Independent Analyst
- BTC/USD has gained as much as 15% on Thursday, heading for a three-session run of gains.
- Strong upside resistance observed at $8,200, at a long time serving trend line.
The Bitcoin price has jumped as much as 15% during trading on Thursday, looking for a strong close to end the week. BTC/USD has had a good run of late, moving towards three consecutive sessions of gains, allied with its second straight week or closing in the green.
It is still too early to say if the longer-term trend has changed, that will not be made clear yet, as there are some barriers ahead for Bitcoin. Whenever in the past the market has observed some glimpse of a change in trend, the bears look to sell those rallies in no time.
BTC/USD technically is being contained from further upside in the near-term, due a long running ascending trend line, that had been supporting the price since September 2017. Bitcoin is attempting to break back above this, with resistance preventing at $8,200. Support looks to be all the way back at $6,800, where the price broke a bullish pennant pattern.
BTC/USD daily chart
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