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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. 
Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag
Ken ChigboKen ChigboIndependent 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

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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