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Bitcoin Price Analysis: BTC/USD still facing uncertainties

  • Bitcoin price is trading in positive territory, up 1.00% in the second half of the session. 
  • The price is pushing for another big retest of a breached bearish flag structure. 
  • A chunky barrier of resistance runs from $6500-$7000 price range. 
Bitcoin Price Analysis: BTC/USD still facing uncertainties
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

A breach of a bearish flag was observed in the session of 29 March, with the bulls trying to push back above to void the structure. 

BTC/USD 60-minute chart

Price action formed a narrowing range structure, which could be viewable also as a bullish pennant structure, should the bulls take advantage.

Spot rate:                 6468.12

Relative change:      +0.99%

High:                        6525.83

Low:                         6338.36

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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