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Bitcoin price analysis: BTC/USD big bullish pennant subject to potential breakout

  • Bitcoin price on Wednesday is nursing losses of some 0.25% in the second part of the day.
  • BTC/USD price action has formed a bullish pennant pattern structure via the 60-minute chart.
Bitcoin price analysis: BTC/USD big bullish pennant subject to potential breakout
Ken ChigboKen ChigboIndependent Analyst

Bitcoin price well into the second half of the session Wednesday is trading with losses of some 0.25%, as the price consolidates. BTC/USD is moving within a bullish pennant pattern structure, subject to a potential breakout.

Price action has been consolidating within the noted structure since 13th May, after a strong run of gains over the past few days. Bitcoin managed to hit the highest levels that have been seen since July 2018, during the bear market at the time.

The immediate resistance can be seen at $8000, the upper acting trend line of the pennant. Market bulls are taking a breather following the drive higher. There appears to be just one major barrier seen from $8000-8500 price range, ahead of $10,000.

BTC/USD 60-minute chart

Author

Ken Chigbo

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.

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