Bitcoin price analysis: BTC/USD price moving steadily higher within a channel north, but some road blocks ahead

BTC/USD making steady gains and moving within an ascending channel higher.
Chunky resistance blocks seen at; $9,350, $9,500 and $9,700-800 region.

Ken Chigbo Independent Analyst

The Bitcoin price is seen holding gains of 2% on Wednesday, extending on its pursuit to recovery, after the heavy selling pressure seen in the past two weeks. Bitcoin managed to reclaim the $9,000 zone, it will be key to see if it can close a daily candlestick above.

Momentum for the time being is back with the bulls, which isn’t out of the normal, given how much weight was seen to the downside recently. The bears for now have run out of steam in driving Bitcoin lower, but there is still potential for the trend south to continue over the longer term.

BTC/USD is currently moving higher within an ascending channel, which came after the decent rally it made thorough $8,500 up to reclaim $9,000. This move does look steady, however there are some chunky barrier ahead, seen at; $9,350, $9,500 and $9,700-800. Support now seen at the underlying trend line of the ascending channel pattern.

BTC/USD 30-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.

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