Bitcoin Price Analysis: BTC/USD ready to launch higher out from bullish pennant – Confluence Detector

Bitcoin price late on Friday trading with modest gains of some 1%, after a week of upside.
BTC/USD price action has formed a bullish pennant pattern via the 4-hour chart view.

Ken Chigbo Independent Analyst

Bitcoin price late on Friday was seen holding gains of some 1%, after somewhat of a muted session. The price has been within consolidation mode, moving in a range-bound nature, as the bulls calculate their next move.

BTC/USD price action has formed a bullish pennant pattern, this appears to be very much subject to a breakout to the upside. The price via the 4-hour chart view, has edged over the upper acting trend line of the pennant, further buying pressure eyed.

Looking via the confluence detector for potential upside barriers; $3958, daily 38.2% Fibonacci, $3999.21 daily pivot point resistance, lastly $4122.07 last month high area. Aside from these noted, there is supply that runs from $4000-4500 range.

BTC/USD daily confluence detector

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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