Ken Chigbo
Independent Analyst
- Bitcoin price is trading in negative territory, down 0.70% in the second half of the session.
- BTC/USD continues to consolidate underneath the barrier of $7500.
- Given the narrowing nature of price action, an explosive breakout will be eyed.
BTC/USD daily chart
A breakdown of the noted barrier at $7500, should invite a fresh wave of buying pressure into the $8000 territory.
BTC/USD 60-minute chart
Price action is forming a pennant structure, another opportunity for the bulls to capitalize.
Spot rate: 7316.05
Relative change: -0.70%
High: 7375.97
Low: 7111.05
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