RATE Group | BTC/USD is respecting a bullish pennant structure
67059
post-template-default,single,single-post,postid-67059,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

BTC/USD is respecting a bullish pennant structure

31 Oct BTC/USD is respecting a bullish pennant structure

Posted at 04:34h in Bitcoin News by

[ad_1]

  • Bitcoin is nursing losses of 3% on Wednesday, as the price further consolidates.
  • Price action has formed a bullish pennant structure, subject to a potential breakout to the upside.

 

The Bitcoin price on Wednesday is trading down some 3%, into the second part of the session. Price action remains within consolidation mode, narrowing following the large break higher late last week.

BTC/USD during the noted period of consolidation has formed a bullish pennant structure. Technically, given the behaviour and price formation, it does look subject to a resumption north.

Near-term resistance is eyed at the upper acting trend line of the pennant, tracking at $9,400. Should the bulls manage to force a breakout and closure above, it could open the door to another wave of buying pressure.

 

BTC/USD 4-hour chart

[ad_2]

Source link

Tags:
, , , ,