Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session.
BTC/USD price action is within consolidation mode, failing to attract commitment.
The bulls must again breakdown and hold above the $9000 price mark for greater upside.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure.

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher.

Spot rate: 8,771.49

Relative change: +0.50%

High: 8,838.90

Low: 8,707.85

Author

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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BTC/USD weekly chart

BTC/USD daily chart

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