Bitcoin Price Analysis: BTC/USD big daily wick will need filling by the bulls

The Bitcoin price was seen up by some decent gains of 2.7% in the second half of Wednesday’s session.
BTC/USD is running towards completing its second consecutive session of gains, maintaining the upside momentum.

Ken Chigbo Independent Analyst

The Bitcoin price was trading firmly in the green by some 2.7%, through the mid-point of the session on Wednesday. It has been a generally slow-moving day for Bitcoin, as has been the case for several of the major altcoin.

BTC/USD continues to show strong momentum, which has been evident since the decent recovery started from the bounce off the lows printed 14th August, down at $5861. Bitcoin via the daily time frame has seen a bullish candle with a long upper wick, with indications of that potentially being filled on Thursday.

Technically, as mentioned above, there are good signals of seeing the buying pressure into the coming session. If moving by the textbook, the wick seen on the daily time frame for BTC/USD, should in theory be filled tomorrow (Thursday), this could see Bitcoin retesting that $7000 mark. The price last traded above this level back on 7th August. Support looks pretty firm at a former supply area, $6600-6500.

BTC/USD daily chart

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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.

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