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Bitcoin Price Analysis: BTC/USD bearish flag pattern eyed subject to potential breakout south

  • Bitcoin price on Tuesday is nursing losses of some 1.7% late in the session.
  • BTC/USD price action via the 4-hour chart view is moving within a bearish flag formation.
Bitcoin Price Analysis: BTC/USD bearish flag pattern eyed subject to potential breakout south
Ken ChigboKen ChigboIndependent Analyst

Bitcoin price in the latter stages of trading on Tuesday is moving within negative territory, down some 1.7%. It has been an entirely slow session for the cryptocurrency market, as many of the major altcoins continue to move within consolidation mode.

BTC/USD price action via the 4-hour chart view is moving within a bearish flag pattern formation. Given current price behaviour, Bitcoin does remain vulnerable to further downside pressure. Should a breach of the noted structure give way to the bears, a fresh wave of selling may be seen.

Technically, in term of the key levels to note; the downside, $7700, which is the lower acting trend line of the flag. Eyes will then be $7500, if this is broken then a fast return to $7000 could quickly be seen. To the upside; the trend line above is tracking at $8150, further north then $8400-500 range.

BTC/USD 4-hour chart

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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