Bitcoin Technical Analysis: BTC/USD $7600 must hold as near-term bottom area
- Bitcoin price is trading in the green, up some 1.80% in the second half of the session.
- BTC/USD bears are back in control for now, as price falls for the third consecutive day.
- The next significant level of support is eyed at $7600, a double bottom neckline.
BTC/USD weekly chart
The price via the weekly chart view continues to move within a bullish flag structure. There is room for the bulls to capitalize on this structure, but as noted above, support needs to hold.
BTC/USD daily chart
Price action had been heading for a critical retest of $7600, failure to hold could prove to be punishing. It comes as BTC/USD formed a double bottom and broke above the neckline, earlier in the week. The detailed neckline is subject to a retest from the cooling price.
Spot rate: 7976.15
Relative change: +1.80%
High: 7976.89
Low: 7669.69
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.
