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Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape

  • Bitcoin price is trading in negative territory, down 0.30% in the second half of the session. 
  • BTC/USD has made steady progress after conquering the $7500 barrier, which is a new support area. 
  • The momentum higher came following a critical bullish pennant breakout. 
Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Bitcoin is now running towards its seven consecutive weeks in the green, following another positive close. 

BTC/USD daily chart

The price was able to continue upside momentum, squeezing and holding about $7500 a critical resistance barrier, now new support. There is room for an $8000 return. 

Spot rate:                7679.19

Relative change:     -0.30%

High:                       7805.02

Low:                        7637.51

BTC/USD

Overview
Today last price7688.49
Today Daily Change-15.84
Today Daily Change %-0.21
Today daily open7704.33
 
Trends
Daily SMA207126.13
Daily SMA506694.52
Daily SMA1008000.81
Daily SMA2007970.76
 
Levels
Previous Daily High7712.94
Previous Daily Low7491.5
Previous Weekly High7765.01
Previous Weekly Low6754.64
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7628.35
Daily Fibonacci 61.8%7576.09
Daily Pivot Point S17559.58
Daily Pivot Point S27414.82
Daily Pivot Point S37338.13
Daily Pivot Point R17781.02
Daily Pivot Point R27857.7
Daily Pivot Point R38002.46

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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