Ken Chigbo
Independent Analyst
- 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.
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 4th 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
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