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Bitcoin Price Analysis: BTC/USD near-term price action moving within bearish pennant

Bitcoin price is trading in minor positive, up some 0.10% in the second half of the session.
BTC/USD continues to consolidate underneath $9000 barrier and on top of critical support $8500.
The price range is narrowing which is likely to lead to an explosive breakout.

Ken Chigbo Independent Analyst

BTC/USD daily chart

Consolidation via the daily continues to be observed, narrowing following the strong push higher last week. A barrier can be seen at the $9000 price mark, preventing further upside for now.

BTC/USD 60-minute chart

Price action is moving within a bearish pennant structure, a breakout could be punishing.

Spot rate: 8636.76

Relative change: +0.10%

High: 8677.14

Low: 8589.69

BTC/USD

Overview
Today last price	8634.43
Today Daily Change	6.43
Today Daily Change %	0.07
Today daily open	8628

Trends
Daily SMA20	8095.6
Daily SMA50	7581.99
Daily SMA100	7953.25
Daily SMA200	9062.13

Levels
Previous Daily High	8734.79
Previous Daily Low	8507.45
Previous Weekly High	9010.95
Previous Weekly Low	7959.53
Previous Monthly High	7770.78
Previous Monthly Low	6432.05
Daily Fibonacci 38.2%	8594.3
Daily Fibonacci 61.8%	8647.95
Daily Pivot Point S1	8512.04
Daily Pivot Point S2	8396.08
Daily Pivot Point S3	8284.7
Daily Pivot Point R1	8739.38
Daily Pivot Point R2	8850.76
Daily Pivot Point R3	8966.72

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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BTC/USD daily chart

BTC/USD 60-minute chart

BTC/USD

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