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Bitcoin Price Analysis: BTC/USD explosive recovery in play

  • Bitcoin price is trading in positive territory, up 7.50% in the second half of the session. 
  • BTC/USD is enjoying a strong wave of upside momentum, following a critical range breakout.  
  • Eyes are now on a comfortable return back into the $7000 price territory. 
Bitcoin Price Analysis: BTC/USD explosive recovery in play
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price is running at its fourth session in the green, as life is kicked back into the bulls. 

BTC/USD 60-minute chart

Price action has smashed out to the upside from a bullish pennant structure, carrying the buyers through to greater upside. 

Spot rate:                 6637.72

Relative change:      +7.50%

High:                        6951.21

Low:                         6063.00

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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