Bitcoin Technical Analysis: BTC/USD another bullish pattern sees the bulls eyes light up, buckle up

Bitcoin price was seen holding modest gains on Wednesday of 0.20%,
BTC/USD price action has formed a bullish pennant pattern, subject to an extended breakout to the upside.
Price on the larger picture is still moving higher within an ascending channel pattern.

Ken Chigbo Independent Analyst

BTC/USD 60-minute chart

Spot rate: 7098.5

Relative change: +0.25%

High: 7139.4

Low: 7021.3

Trend: Bullish

Resistance 1: 7116.6,upper part of pennant.

Resistance 2: 7139.4, today's (Wednesday) high.

Resistance 3: 7175.0, upper part of rising channel.

Support 1: 7053.8, lower part of pennant.

Support 2: 6959.6, 50MA.

Support 3: 6829.5, 100MA & top area of 22nd August.

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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