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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. 
Bitcoin Price Analysis: BTC/USD near-term price action moving within bearish pennant
Ken ChigboKen ChigboIndependent 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 price8634.43
Today Daily Change6.43
Today Daily Change %0.07
Today daily open8628
 
Trends
Daily SMA208095.6
Daily SMA507581.99
Daily SMA1007953.25
Daily SMA2009062.13
 
Levels
Previous Daily High8734.79
Previous Daily Low8507.45
Previous Weekly High9010.95
Previous Weekly Low7959.53
Previous Monthly High7770.78
Previous Monthly Low6432.05
Daily Fibonacci 38.2%8594.3
Daily Fibonacci 61.8%8647.95
Daily Pivot Point S18512.04
Daily Pivot Point S28396.08
Daily Pivot Point S38284.7
Daily Pivot Point R18739.38
Daily Pivot Point R28850.76
Daily Pivot Point R38966.72

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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