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Bitcoin technical analysis: BTC/USD price action is nearing a large potential breakout

  • Bitcoin price in the session on Monday is trading with gains of some 3.50%.
  • BTC/USD price action is narrowing within a triangular structure, subject to a breakout.
  • Key resistance can be observed running from $11,000-11,500, via the daily. 
Bitcoin technical analysis: BTC/USD price action is nearing a large potential breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  10,718.95

Relative change:      +3.50%

High:                         10,792.46

Low:                          10,267.36

BTC/USD daily chart

  • There is a chunky barrier which is seen from $11,000-11,500 range.

BTC/USD 60-minute chart

  • Price action is narrowing within a pennant structure, subject to a breakout north.

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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