Bitcoin Technical Analysis: BTC/USD are lurking for an aggressive charge higher

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  • Bitcoin price holding modest gains on Wednesday of some 0.80%, through the mid-point of the session. 
  • BTC/USD received decent buying at the back end of Tuesday’s session, after a generally depressed session for the price.
  • Price action has formed a bullish pennant pattern, subject to an extended break north.
  • Eyes on a near-term return back above the $7000 mark, given current technical formation. 

 

 

BTC/USD 60-minute chart 


 
 

Spot rate:                  .6503.2

Relative change:      +0.84%

High:                         6536.3

Low:                          6447.7

 

Trend:                       Bullish

 

Resistance 1:           6509.1, upper part of flag..

Resistance 2:           6535.7, daily pivot point resistance. 

Resistance 3:           6550.0, 10 October high.

Support 1:                6487.6, lower part of flag. 

Support 2:                6406.6, daily pivot point support.

Support 3:                6364.6,  daily pivot point support.

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