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Bitcoin technical analysis: BTC/USD daily price action nearing a potential breakout

  • Bitcoin price is trading in the positive territory, down some 1.60% in the second half of the session. 
  • BTC/USD is moving within a bullish flag formation as the price consolidates, following a decent break higher last week. 
  • Critical resistance eyed at $9500, a breakdown here could provide a fresh wave to buying pressure. 
Bitcoin technical analysis: BTC/USD daily price action nearing a potential breakout
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

BTC/USD price action via the daily chart view is moving within a potentially bullish flag structure. 

BTC/USD 60-minute chart

Price action via the 60-minute chart view is moving within a narrowing range block, subject to a potential breakout. 

Spot rate:                  9,311.28

Relative change:      +1.60%

High:                          9,431.19

Low:                           8,964.78

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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