Bitcoin Price Analysis: BTC/USD set for $6000 and beyond return
- Bitcoin price in the latter part of Wednesday’s session is holding some minor gains of 0.7%.
- BTC/USD price action has formed a bullish flag pattern, subject to a potential breakout to the upside.
The Bitcoin price in the latter stages of trading on Wednesday is seen trading up with gains of some 0.7%, as a continuation of consolidation can be observed across the entire market. The next definitive trend is eyed, after the aggressive push higher at the start of the month, which lost much momentum.
BTC/USD price action is moving within a bullish flag pattern formation via the 60-minute chart view. Given the current behaviour and technical near-term structure, it suggests of a potential imminent breakout to the upside.
Immediate resistance is eyed at around the range of $5250-300 price range, where the upper acting trend line of the flag formation is tracking. A break and closure above here via the 60-minute view, will likely see anther wave of buying pressure.
BTC/USD 60-minute chart view
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.
