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Bitcoin technical analysis: BTC/USD explosive breakout is awaited out from narrowing conditions

  • Bitcoin price is trading in positive territory, up some 0.40% in the second half of the session. 
  • BTC/USD price action continues to narrow within a pennant structure, subject to a breakout. 
  • Trading conditions remain extremely narrow across the board, a breakout is looming.
Bitcoin technical analysis: BTC/USD explosive breakout is awaited out from narrowing conditions
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price has been pushing to the north for going on three weeks, although a lack of momentum within the last two. 

BTC/USD daily chart

BTC/USD price action via the daily chart has done little in terms of movement since 27 October.  

Spot rate:                   9,359.24

Relative change:       +0.40%

High:                          9,447.93

Low:                           9,278.73

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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