Bitcoin Price Analysis: BTC/USD upside can continue if key resistance is broken, head and shoulders pattern is a possibility
- Bitcoin price was seen holding decent gains of 2.50%, in the latter stages of trading on Friday.
- BTC/USD has a challenge of breaking down $6600, but a head and shoulders formation can also be seen on the daily time frame.
The Bitcoin price was seen up over 2.2% late on Friday, with a decent pick up seen across the board within the crypto market. BTC/USD is heading for its third consecutive session closing in the green, after the slow start to the week.
BCH/USD bulls are currently attempting to break down sticky resistance, this is seen tracking from $6500-600. Looking at the daily time frame, a head and shoulders pattern is a potential. The left shoulder and head have been formed, neckline seen around $6100.
As mentioned above, should the bulls gather enough momentum and break down the $6600 level, this should invite some chunky upside pressure, seeing a good push up to $6800-900, where the upper part of the left shoulder is seen. There isn’t much support eyed until back down to $6100-6000.
BTC/USD daily 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.
