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Bitcoin Price Analysis: BTC/USD bulls smash out of pennant structure

  • Bitcoin price is trading in positive territory, up 7.50% in the second half of the session. 
  • The bulls successfully held above the $6000 territory, with a recent push above $6500. 
  • A breakout from a narrowing range has invited an opportunity to drive higher. 
Bitcoin Price Analysis: BTC/USD bulls smash out of pennant structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

Price action had formed a bullish pennant between 19-23 March, of which the bulls have forced a breakout to the upside. 

BTC/USD 60-minute chart

The next 60-minute zone of resistance is eyed at $6800-900 price range. 

Spot rate:                 6725.10

Relative change:      +3.50%

High:                        6861.94

Low:                         6403.85

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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