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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. 
Bitcoin technical analysis: BTC/USD consolidating ahead of a potential explosive out
Ken ChigboKen ChigboIndependent 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

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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