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Bitcoin Price Analysis: BTC/USD bears are gradually gaining momentum

  • Bitcoin price is trading in negative territory, down 0.20% in the second half of the session. 
  • BTC/USD is trading below the big $7000, suggesting vulnerabilities to the downside.
  • The price continues to trade underneath a breached bearish flag structure. 
Bitcoin Price Analysis: BTC/USD bears are gradually gaining momentum
Ken ChigboKen ChigboIndependent Analyst


BTC/USD daily chart

The price is on the decline, with Bitcoin running at two consecutive sessions in the red. 

BTC/USD 60-minute chart

Near-term price action was narrowing within a bearish pennant structure via the 60-minute chart, of which the bears have breached.

Spot rate:                6828.94

Relative change:     -0.20%

High:                       6923.21

Low:                        6775.73

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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