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Bitcoin Price Analysis: BTC/USD bulls are freely running now

  • Bitcoin price is trading in positive territory, up 1.20% in the second half of the session. 
  • BTC/USD made a strong extension to the upside in the session on Monday through $7000.
  • There is room now after laying the foundations for greater moves north. 
Bitcoin Price Analysis: BTC/USD bulls are freely running now
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The buyers were able to capitalize on a bullish pennant structure, inviting a decent wave of upside momentum. 

BTC/USD 60-minute chart

Price action formed a bullish flag structure and has further pushed higher out of the pattern. 

Spot rate:                 7413.20

Relative change:     +1.20%

High:                        7460.08

Low:                         7234.06

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.

More from Ken Chigbo
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