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Bitcoin technical analysis: BTC/USD heading for big bearish flag retest

  • Bitcoin price is trading in positive territory, up some 2.60% in the second half of the session. 
  • BTC/USD price action is heading for a big retest of a breached flag structure. 
  • There is a chunky barrier of resistance seen at $7500, in proximity to the lower of the noted flag. 
Bitcoin technical analysis: BTC/USD heading for big bearish flag retest
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

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

BTC/USD 60-minute chart

Price action via the 60-minute chart view has broken out of a descending channel structure, inviting a fresh wave of buying pressure. 

Spot rate:                  7495.65

Relative change:      -1.40%

High:                          7770.78

Low:                           7082.54

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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