BITCOIN PRICE OUTLOOK – BITCOIN CHART PLUNGED, PENNANT BREAKOUT KEY

BTC FORECAST – BITCOIN PRICE ACTION COIL-BREAKOUT TRADING LEVELS

  • The cryptocurrency might be on the way to its next leg higher after the latest consolidation.
  • BTC price action highlighted by the potential pennant pattern and Bollinger Band Squeeze.
  • BTC prices drift lower since the advance of the march base faded
Free $100 Forex No-Deposit Bonus

The performance of bitcoin is at the commencement for yet another strong year with the prices of bitcoin trading over 25% higher since early this year. After the succumbing to the short selloff along typically, all asset classes late early March and late February that came amidst peak market turmoil that was induced by this COVID-19 pandemic, the bitcoin price staged a stunning 100% rally.

The bitcoin influx buying pressure helped BTC/USD back over the $10000 price level in June, but over the 6 weeks, the cryptocurrency has also started to retrace about the quarter of the latest bullish leg. After the slight pullback, BTC is currently trading modestly over $9000 price on the balance.

BITCOIN PRICE CHART

bitcoin price chart

While the bullish pennant pattern might have developed from the latest consolidation in the prices of bitcoin. The patterns of this pennant are created by an array of higher lows and lower highs as the prices tightly coil into a wound string. The pennants usually take good shape after a huge directional move and possibly indicate the start of broad trend continuation.

The bitcoin prices are currently approach the ‘break of necessity’ because of the convergence of bullish and bearish trendlines that are identified by an array of higher lows and lower highs recorded since the beginning of March. Cleary seeing that the pennant pattern breakout might signal resumption of the previous trend, the bitcoin may be on the verge of a new sharp advance, especially if this crypto can get the negatively sloped trendline.

The prices of bitcoin compressing into the tighter range over the past few weeks might be highlighted using the Bollinger Bands. The Bollinger band squeeze, shown by the reducing Bollinger Band Width from 8th May shows the continued consolidation in the Bitcoin price action. Furthermore, it seems like the low channel line has offered more technical support to this bitcoin price since 27th June.

This is further shown by the bitcoin prices indicating additional buoyancy in relation to a bottom Bollinger Band as the low barrier on a percentage outlook still largely continues the daily candlestick winks. Nevertheless, eclipsing the technical barrier about $9.400 may open doors for the topside breakout to the highs. This is the bullish scenario that can get more credence when accompanied by this Bollinger Band expansion. Also, consider reading Bitcoin Bulls Look to Bounce Back After Succumbing to Bearish Pressure.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.