Bitcoin Price Analysis: BTC/USD flying and defying odds, as deadly bear flag is erased for now
- Bitcoin price on Friday is very erect, holding solid gains of over 3%, as the wind remains behind the bulls.
- BTC/USD bulls managed to break above a chunky area of resistance, which was originally formed a bearish flag pattern.
- Heavy supply zone tracking from $6500-600 area has been cleared by the bullish momentum on Friday.
The Bitcoin price saw strong decent gains early on Friday, after it spiked some 3%, with the wind remaining behind the bulls. Life has been kicked back into the crypto market, after the plummet earlier in the month.
BTC/USD price action had formed a large bearish flag pattern, which appeared to summon Bitcoin to another chunky drop to the south. However, a breakout has been seen in the session, clearing the heavy resistance area, running from $6500-600.
Technically, given the recent failure of the rather large bearish set up seen for BTC/USD, the price looks subject to some further buying pressure. The clearance of supply zone mentioned above, paves the way for $7000 to come back into play. Bitcoin is taking a breather around plummeting levels seen on 6th September, where the price took a moment before another deep drop, resistance seen around $6700-50. Support will now be eyed at the broken supply $6600-500, to act as new demand area.
BTC/USD 60-minute chart
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.
