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.

Ken Chigbo Independent 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 price	7314.17
Today Daily Change	-54.74
Today Daily Change %	-0.74
Today daily open	7368.91

Trends
Daily SMA20	6602.11
Daily SMA50	7423.77
Daily SMA100	8149.72
Daily SMA200	8116.13

Levels
Previous Daily High	7426.72
Previous Daily Low	7154.7
Previous Weekly High	7254.75
Previous Weekly Low	5854.85
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7322.81
Daily Fibonacci 61.8%	7258.61
Daily Pivot Point S1	7206.83
Daily Pivot Point S2	7044.76
Daily Pivot Point S3	6934.81
Daily Pivot Point R1	7478.86
Daily Pivot Point R2	7588.8
Daily Pivot Point R3	7750.88

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