Bitcoin Price Analysis: BTC/USD needs to clear this channel, otherwise the bears will attack

Bitcoin has seen a decent run on Tuesday, gaining over 2% in the session.
BTC/USD bulls will need to break above the ascending channel formation, otherwise it will be sent back south at some pace.

Ken Chigbo Independent Analyst

The Bitcoin price is seen to be still holding decent gains in the latter stages of trading on Tuesday, firmly in the green with gains over 2%, in line with the pickup in pricing observed across the crypto market so far this week.

BTC/USD has formed an ascending channel pattern, which has seen the price grinding higher within since 14th August low at 5865. Bitcoin has jumped a chunky 20% from these deflated levels, now regaining the $7K mark.

Technically, for further upside to be seen in BTC/USD, the bulls must break free from this ascending channel pattern. Upside resistance is seen at today’s (Tuesday) high of $7126, upper part of the channel. A breach could open doors to back above $8000 territory. Support tracking at a former supply zone, $7000-6800.

BTC/USD 1-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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