Bitcoin Price Analysis: BTC/USD bulls are trying for that game-changing range breakout

Bitcoin price late in the second half of the session on Wednesday nursing minor losses of 0.10%.
BTC/USD continues to move within the narrowing ten session range, eyes still on the bearish flag structure.

Ken Chigbo Independent Analyst

The Bitcoin price late in the second half of the session on Wednesday, was trading very marginally in negative territory, just by some 0.10%. BTC/USD had started off the day well, attempting to make a breakout from the deadly daily range, however the bulls were rejected at the upper part of this.

BTC/USD price acting continues to move within the ten-session range, which has been in play since the big drop on 24th February that hit the entire cryptocurrency market. Current formation is still within a bearish flag pattern formation.

Should the bears manage to breakout of the lower part of the mentioned range, this would be confirmation of the bearish flag structure. If this gives way, then eyes will be on another retest of the $3000 mark to the downside. Immediate and vital support should be noted at $3650, the low of the range as detailed.

BTC/USD daily chart

Author

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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