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Bitcoin Price Analysis: BTC/USD bulls breakout out of another pennant structure

  • Bitcoin price is trading in positive territory, up 5.80% in the second half of the session. 
  • BTC/USD price action is breaking out of a narrowing four-session range. 
  • There still remains some sticky supply within the early $7000 region, which bulls are working on.  
Bitcoin Price Analysis: BTC/USD bulls breakout out of another pennant structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Bitcoin managed to see another closure in the green, marking it four consecutive weeks.

BTC/USD daily chart

The price had formed a bullish pennant structure, which is inviting further upside pressure. 

Spot rate:                 7175.50

Relative change:     +5.80%

High:                        7179.73

Low:                         6773.83

BTC/USD

Overview
Today last price7123.33
Today Daily Change345.76
Today Daily Change %5.10
Today daily open6777.57
 
Trends
Daily SMA206352.81
Daily SMA507581.62
Daily SMA1008149.6
Daily SMA2008159.6
 
Levels
Previous Daily High6912.26
Previous Daily Low6681.12
Previous Weekly High7254.75
Previous Weekly Low5854.85
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%6769.42
Daily Fibonacci 61.8%6823.97
Daily Pivot Point S16668.37
Daily Pivot Point S26559.18
Daily Pivot Point S36437.23
Daily Pivot Point R16899.52
Daily Pivot Point R27021.46
Daily Pivot Point R37130.66

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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