Bitcoin price analysis: BTC/USD is respecting a bullish pennant structure

Bitcoin is nursing losses of 3% on Wednesday, as the price further consolidates.
Price action has formed a bullish pennant structure, subject to a potential breakout to the upside.

Ken Chigbo Independent Analyst

The Bitcoin price on Wednesday is trading down some 3%, into the second part of the session. Price action remains within consolidation mode, narrowing following the large break higher late last week.

BTC/USD during the noted period of consolidation has formed a bullish pennant structure. Technically, given the behaviour and price formation, it does look subject to a resumption north.

Near-term resistance is eyed at the upper acting trend line of the pennant, tracking at $9,400. Should the bulls manage to force a breakout and closure above, it could open the door to another wave of buying pressure.

BTC/USD 4-hour 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.

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