Bitcoin technical analysis: BTC/USD bulls look ready for further moves north

Bitcoin price on Monday is trading with minor gains of over 0.4%, in the second half of the day.
BTC/USD bulls are driving hard towards a retest of the weekend high area well into $11,000.
Price action is moving a bullish penannt structure, with eyes on further moves north.

Ken Chigbo Independent Analyst

Spot rate: 10,893.34

Relative change: +0.43%

High: 10,959.47

Low: 10,550.58

BTC/USD 60-minute chart

Price action via the 60-minute is moving within a bullish pennant structure, subject to a breakout higher.

BTC/USD daily chart

BTC/USD bulls are set to retest the high area printed over the weekend, up to within the $11,000 territory, $11,225. A breach could open a further wave of buying pressure.

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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