Bitcoin price analysis is showing BTC/USD consolidating inside a pennant pattern, but which way will it break after being rejected at $8,300?
Bitcoin price (BTC) has had a wild ride over the last 7 days, printing a new YTD-high at $8,388, experiencing a heavy flash crash the following day, only to then recover back above $8,000 again.
Let’s take a look at the bitcoin price analysis to see where this turbulent asset is headed next.
Bitcoin Price Analysis: 30-Minute Chart
On the 30-minute BTC/USD chart we can see that the intraday price action is continuing to consolidate inside a bullish descending triangle pattern, between two downtrending levels (white lines).
A strong support zone (green shaded area), which has so far successfully prevented BTC price 00 from dropping below psychological $7,800 level on several occasions, should provide bullish traders with a secure foothold to launch an upside recovery.
If this plays out, the key resistance above at $8,100 seems like a likely break out target for BTC buyers, who will be…