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Bitcoin Price Analysis: BTC/USD a step away from smashing through $9000

  • Bitcoin price is trading in the red, down some -0.90% in the second half of the session. 
  • BTC/USD is flirting with a critical daily support area, $8600-500 range. 
  • The bulls briefly touched the $9000 territory over the weekend, however, it proved to be short-lived. 
Bitcoin Price Analysis: BTC/USD a step away from smashing through $9000
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price is sitting on critical daily support, failure to hold would invite a strong wave of selling pressure. It should be noted at $8600-500 range. 

BTC/USD 60-minute chart

Price action is moving within a potential bearish pennant structure, subject to a breakout south. It is also worth noting that this $8600-500 is a decent demand zone, there may be room for the bulls to escape. 

Spot rate:                 8617.63

Relative change:      -0.90%

High:                         8723.83

Low:                          8583.73

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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