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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. 
Bitcoin Technical Analysis: BTC/USD $7600 must hold as near-term bottom area
Ken ChigboKen ChigboIndependent Analyst

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

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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