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Bitcoin Price Analysis: BTC/USD explosive breakout eyed small barrier in the way

  • Bitcoin price is trading in negative territory, down 0.70% in the second half of the session. 
  • BTC/USD continues to consolidate underneath the barrier of $7500.
  • Given the narrowing nature of price action, an explosive breakout will be eyed. 
Bitcoin Price Analysis: BTC/USD explosive breakout eyed small barrier in the way
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

A breakdown of the noted barrier at $7500, should invite a fresh wave of buying pressure into the $8000 territory. 

BTC/USD 60-minute chart

Price action is forming a pennant structure, another opportunity for the bulls to capitalize. 

Spot rate:                 7316.05

Relative change:     -0.70%

High:                        7375.97

Low:                         7111.05

BTC/USD

Overview
Today last price7314.17
Today Daily Change-54.74
Today Daily Change %-0.74
Today daily open7368.91
 
Trends
Daily SMA206602.11
Daily SMA507423.77
Daily SMA1008149.72
Daily SMA2008116.13
 
Levels
Previous Daily High7426.72
Previous Daily Low7154.7
Previous Weekly High7254.75
Previous Weekly Low5854.85
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7322.81
Daily Fibonacci 61.8%7258.61
Daily Pivot Point S17206.83
Daily Pivot Point S27044.76
Daily Pivot Point S36934.81
Daily Pivot Point R17478.86
Daily Pivot Point R27588.8
Daily Pivot Point R37750.88

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.

More from Ken Chigbo
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