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Bitcoin Price Analysis: BTC/USD subject to breakout from bullish pennant structure

  • Bitcoin price is trading in positive territory, up 0.95% in the second half of the session. 
  • BTC/USD bulls must breakdown a barrier at $9500-600 for greater gains north. 
  • The price over the last six sessions has been narrowing, following strong moves last week. 
Bitcoin Price Analysis: BTC/USD subject to breakout from bullish pennant structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price managed to close up in the green last week above the psychological $9000 mark. 

BTC/USD daily chart

Price action is narrowing within a potential pennant structure, subject to a breakout. 

Spot rate:                9279.38

Relative change:     -0.50%

High:                        9614.05

Low:                         9144.45

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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