Bitcoin technical analysis: BTC/USD consolidating ahead of a potential explosive out

Bitcoin price is trading in positive territory, down some 0.30% in the second half of the session.
BTC/USD price action is moving within a narrowing pennant structure, subject to a breakout.
Big resistance barrier should be noted at $9500, a breakdown here could provide a fresh wave to buying pressure.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

Large weekly resistance can be observed at $9500, the gateway to further upside.

BTC/USD daily chart

BTC/USD price action via the daily chart view is moving within a bullish pennant, which has been the case since 27 October.

Spot rate: 9,122.02

Relative change: +0.40%

High: 9,217.43

Low: 9,127.40

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

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