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Bitcoin technical analysis: BTC/USD edging out of a bullish flag structure

  • Bitcoin price is trading in positive territory, up some 2.60% in the second half of the session. 
  • BTC/USD price action has broken out from a bullish flag structure via the daily view.
  • There is a chunky barrier of resistance seen from $7500-800 price range. 
Bitcoin technical analysis: BTC/USD edging out of a bullish flag structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price has been running at five-consecutive sessions in the red, bulls are looking to snap this current losing streak. 

BTC/USD 15-minute chart

Near-term price action has breached an ascending channel structure, support eyed down at $7200-7150 range. 

Spot rate:                  7388.78

Relative change:      +2.70%

High:                          7491.98

Low:                           7154.87

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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