- Bitcoin price was seen up over 1.5% in the latter stages of trading on Thursday.
- BTC/USD via the 4-hour chart, moving within a descending wedge pattern, bulls looking for a breakout.
The Bitcoin price in the latter stages of Thursday’s session, was seen holding modest gains of over 1.5%. Upside momentum was kicked back into the life of market bulls, with a surge in volume seen late on Wednesday.
BTC/USD price action has formed a descending wedge pattern, via the 4-hour view, bulls are penetrating the upper trend line for a breakout. Bitcoin has been stuck within a range for the past two weeks. Swinging from $6800 down to $6345.
Looking technically, given the consistent testing of the upper resistance of the wedge, a breach could be imminent. Should the bulls gather enough momentum to breach the pattern, eyes will be on the $6700-800 area. If this supply is cleared, then a reclaim of $7000 would likely be seen. Support in the near-term looks firm at the lower part of the wedge pattern, $6400.
BTC/USD 4-hour chart
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