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Bitcoin technical analysis: BTC/USD bears looking to break out from flag structure

  • Bitcoin price is trading marginally in the red, down some 2.15% in the second half of the session. 
  • BTC/USD remains within the confinements of a bearish flag pattern. 
  • Critical daily support should be noted at $7800, failure to hold could be punishing. 
Bitcoin technical analysis: BTC/USD bears looking to break out from flag structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price is subject to a potential breakout south, given the bearish flag formation remaining intact. 

BTC/USD 60-minute chart

BTC/USD has smashed out from a bearish penannt structure, inviting a further wave of selling pressure. 

Spot rate:                  7,983.91

Relative change:      -2.25%

High:                         8,174.24

Low:                          7,913.23

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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