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Bitcoin Technical Analysis: BTC/USD another bullish pattern sees the bulls eyes light up, buckle up

  • Bitcoin price was seen holding modest gains on Wednesday of 0.20%, 
  • BTC/USD price action has formed a bullish pennant pattern, subject to an extended breakout to the upside.
  • Price on the larger picture is still moving higher within an ascending channel pattern. 
Bitcoin Technical Analysis: BTC/USD another bullish pattern sees the bulls eyes light up, buckle up
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 60-minute chart


 


Spot rate:                   7098.5

Relative change:       +0.25%

High:                          7139.4

Low:                           7021.3

Trend:                        Bullish

Resistance 1:            7116.6,upper part of pennant. 

Resistance 2:            7139.4, today's (Wednesday) high.

Resistance 3:            7175.0, upper part of rising channel. 

Support 1:                  7053.8, lower part of pennant. 

Support  2:                 6959.6, 50MA.

Support  3:                 6829.5, 100MA & top area of 22nd August. 
 

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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