Bitcoin Price Analysis: BTC/USD small glimmer of hope however the game changer would be $7000 breakout

Bitcoin price is trading in negative territory, down 0.25% in the second half of the session.
BTC/USD has managed to push for three consecutive sessions in the green.
Near-term price action has edged back above a barrier seen at $6500.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The price continues to move within an ascending channel structure, at risk of breakout south.

BTC/USD 60-minute chart

Price action has narrowed via the 60-minute chart view, which follows an explosive move higher, after the bulls broke out of a flag structure. A retest of the below pattern could very well be seen, much supply runs from $6800-900 range.

Spot rate: 6647.43

Relative change: -0.25%

High: 6764.67

Low: 6582.83

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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