Breaking: Bitcoin (BTC) breaks back into the $9000 territory
- Bitcoin shoots north back into $9000 price area, up some 4% on Thursday.
- BTC/USD has maintained upside momentum after breaking out from a bullish flag pattern formation.
Bitcoin price in the second half of the session on Thursday has broken out to the upside. Bullish momentum maintaining its current course, as the price breaks back into the $9000 territory, the first time since May 2018.
BTC/USD has been extending north after a breakout early in the week from a bullish pennant pattern structure. Additionally, the bulls samshed out from a flag formation as seen via the 4-hour chart.
The next area of interest for the bulls now should they manage to see a daily closure within the $9000 area, would then be $9500. Given current upside momentum, a fast return back to the psychological $10,000 area could be seen soon.
BTC/USD 4-hour chart
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.
