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Bitcoin Technical Analysis: BTC/USD bulls breaking down big game-changing zone

Bitcoin price on Tuesday is trading up with solid gains of some 3.5% in the second part of the session.
BTC/USD bulls are underway breaking down chunky resistance seen within the $5500-600 range.
A daily closure above the big supply noted above, should provide further upside buying pressure.

Ken Chigbo Independent Analyst

Spot rate: 5571.86

Relative change: +3.50%

High: 5632.62

Low: 5363.01

BTC/USD 60-minute chart

BTC/USD via the 60-minute has produced a bullish flag formation, subject to a further potential move north.

BTC/USD daily chart

Bulls are smashing through the chunky area of supply, tracking from $5500-600 range, a daily closure above would be detrimental for further gains north.

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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