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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.
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
Ken ChigboKen ChigboIndependent 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 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

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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