Bitcoin Price Forecast: BTC/USD bulls have a chance that must be taken

Bitcoin price is trading in negative territory, down 2.00% in the second half of the session.
The price action has narrowed over the last three sessions, following a range breakout.
A chunky barrier at the $7000 price mark remains a problem for the bulls.

Ken Chigbo Independent Analyst

BTC/USD daily chart

Trading conditions have tightened again, after a range breakout on 23 March. Another wave of buying pressure will be seen should the bulls edge above again. An opportunity to break out of a bullish pennant.

BTC/USD 60-minute chart

The near-term range-bound nature of BTC via the 60-minute builds the case for an aggressive breakout.

Spot rate: 6618.25

Relative change: -2.00%

High: 6874.74

Low: 6595.39

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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