Bitcoin Price Prediction: BTC/USD strong sell signals are still seen, but enjoys a day off from selling pressure, this may not last, as bears love selling rallies in current stubborn trend

Bitcoin seen holding decent gains of over 2% on Tuesday, as bears take a break from selling.
BTC/USD is finding it quite some challenge to break down resistance at $7,155.

Ken Chigbo Independent Analyst

Bitcoin price seen up over 2% on Tuesday, after bears slow down from the recently strong applied selling pressure. BTC/USD has enjoyed some relief upside, however struggling to break down resistance at $7,155.

BTC/USD has been within range-bound trading and consolidation mode since 4^th August, after the chunky drop from the weekend. Bitcoin has failed to have stable footing since the rally seen in the back end of July, where the price breached the $8,500 mark.

Technically, BTC/USD price action has formed a bearish flag pattern, with the price moving sideways, strongly indicating of another potential drop down to the deep south. The demand zone tracking from $6,900-800 will need to be cleared for big moves lower.

BTC/USD 4-hour 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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