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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.

Ken Chigbo Independent 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 price	7123.33
Today Daily Change	345.76
Today Daily Change %	5.10
Today daily open	6777.57

Trends
Daily SMA20	6352.81
Daily SMA50	7581.62
Daily SMA100	8149.6
Daily SMA200	8159.6

Levels
Previous Daily High	6912.26
Previous Daily Low	6681.12
Previous Weekly High	7254.75
Previous Weekly Low	5854.85
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6769.42
Daily Fibonacci 61.8%	6823.97
Daily Pivot Point S1	6668.37
Daily Pivot Point S2	6559.18
Daily Pivot Point S3	6437.23
Daily Pivot Point R1	6899.52
Daily Pivot Point R2	7021.46
Daily Pivot Point R3	7130.66

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.

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BTC/USD weekly chart

BTC/USD daily chart

BTC/USD

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