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Bitcoin technical analysis: BTC/USD big bull flag eyed via the daily

  • Bitcoin price in the second half of trading on Tuesday is trading in minor negative, down just some 0.50%. 
  • BTC/USD bulls halted by chunky supply area, $12,000-12,500 price range. 
  • Price action is moving within a big bullish flag formation, subject to a potential breakout.
Bitcoin technical analysis: BTC/USD big bull flag eyed via the daily
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 11,750.92

Relative change:      -0.50%

High:                         12,325.58

Low:                          11,524.52

BTC/USD 60-minute chart

  • Following the bulls losing strong upside momentum, there is a near-term 60-minute demand area seen at $11,600 keeping the price from free-fall. 

BTC/USD daily chart

  • There is a large bullish flag pattern observed via the daily chart view. 

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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