Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape

Bitcoin price is trading in negative territory, down 0.30% in the second half of the session.
BTC/USD has made steady progress after conquering the $7500 barrier, which is a new support area.
The momentum higher came following a critical bullish pennant breakout.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

Bitcoin is now running towards its seven consecutive weeks in the green, following another positive close.

BTC/USD daily chart

The price was able to continue upside momentum, squeezing and holding about $7500 a critical resistance barrier, now new support. There is room for an $8000 return.

Spot rate: 7679.19

Relative change: -0.30%

High: 7805.02

Low: 7637.51

BTC/USD

Overview
Today last price	7688.49
Today Daily Change	-15.84
Today Daily Change %	-0.21
Today daily open	7704.33

Trends
Daily SMA20	7126.13
Daily SMA50	6694.52
Daily SMA100	8000.81
Daily SMA200	7970.76

Levels
Previous Daily High	7712.94
Previous Daily Low	7491.5
Previous Weekly High	7765.01
Previous Weekly Low	6754.64
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7628.35
Daily Fibonacci 61.8%	7576.09
Daily Pivot Point S1	7559.58
Daily Pivot Point S2	7414.82
Daily Pivot Point S3	7338.13
Daily Pivot Point R1	7781.02
Daily Pivot Point R2	7857.7
Daily Pivot Point R3	8002.46

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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Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape