Bitcoin Price Analysis: BTC/USD big bullish pennant eyed subject to an extended breakout to the outside
- Bitcoin price on Wednesday is trading in minor positive territory in the latter part of the day.
- BTC/USD price action has formed bullish pennant pattern, as seen via the 4-hour view.
Bitcoin price in the latter of trading on Wednesday is up a minor 0.70%, as the price holds steady somewhat ahead of next further committed north. BTC/USD price behaviour is shaping up to continue its current trend north.
BTC/USD price action has formed a bullish pennant pattern via the 4-hour chart view, subject to an extended move to the upside, should the bulls capitalize on this. The price is clearly back within a near-term uptrend, as momentum is back with the bulls this week.
Near-term resistance should be noted at; $3950, the upper acting trend line of the above-detailed pennant pattern. A breach north could open the doors to a fast move well into the $4000 territory. The bulls must then try to break down supply which runs through the $4000 price region, ahead of the big $5000 mark.
BTC/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
