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Bitcoin Technical Analysis: BTC/USD bull flag formation, pending a breakout higher, one more push below chunky sell zone at $7,600 territory

Bitcoin price stagnates after 5% rally from the lows printed at $7042, there may still be room for another push.
BTC/USD is just 1.5% from running into a supply zone again, within the early $7600 area.
Price action has within recent trading formed a bullish flag pattern, pending a potential breakout to the upside.

Ken Chigbo Independent Analyst

BTC/USD 30-minute chart

Spot rate: 7,490.00

Relative change: +5.54%

High: 7,538.50

Low: 7,042.50

Trend: Bullish

Resistance 1: 7,525.00, upper trend line of bull flag & 78.6% Fibonacci

Resistance 2: 7,600.00, heavy supply zone

Resistance 3: 7,730.00, 24th May high

Support 1: 7,433.10, 61.8% Fibonacci

Support 2: 7,361.10, 50% Fibonacci & 25 / 26th May lows

Support 3: 7,282.20, 38.2% Fibonacci

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.

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