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Bitcoin technical analysis: BTC/USD moving within a range of punishment or opportunity

  • Bitcoin price is trading in the minor positive territory, up some 0.35% in the second half of the session. 
  • BTC/USD continues to move within the confinements of a bearish flag structure via the daily chart view. 
  • The narrowing range conditions are growingly subject to a breakout, it remains unclear in terms of the imminent trend. 
Bitcoin technical analysis: BTC/USD moving within a range of punishment or opportunity
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price has been moving within the range of $8500-8000 for going on four weeks. 

BTC/USD daily chart

Price action via the daily remains subject to a potential breakout south, given the flag structure.

 

Spot rate:                  8,247.15

Relative change:      +0.35%

High:                          8,294.74

Low:                           8,201.35

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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