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Bitcoin technical analysis: BTC/USD extends to three-day losses out of a bearish flag

  • Bitcoin price is trading in negative territory, down some 1.45% in the second half of the session. 
  • BTC/USD failed to break down chunky supply heading into the $8000 price territory. 
  • The price is running at three consecutive sessions in the red, following a bearish flag breach. 
Bitcoin technical analysis: BTC/USD extends to three-day losses out of a bearish flag
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price has breached a bearish flag structure and is extending to the downside. 

BTC/USD 60-minute chart

Price action via the 60-minute chart view has broken out to the downside from a pennant and is currently retesting. 

Spot rate:                  7300.02

Relative change:      -1.40%

High:                          7427.74

Low:                           7161.94

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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