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Bitcoin Technical Analysis: BTC/USD price shapes up a bull flag pattern, extended move to the upside in the waiting

  • Bitcoin price is seen up with modest gains of 0.5% on Thursday, but further upside appears to be in the waiting.
  • BTC/USD has formed a bullish flag formation, pending an extended move north.
Bitcoin Technical Analysis: BTC/USD price shapes up a bull flag pattern, extended move to the upside in the waiting
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 30-minute chart

Spot rate:                   7424.0

Relative change:        +0.60%

High:                          7447.2

Low:                           7281.4.

Trend:                         Neutral/Bullish.

Resistance 1:            7508.0 upper part of bull flag.

Resistance 2:            7583.6,18th July high.

Resistance 3:            7635.0, (resistance on 30-minute chart).

Support 1:                 7378.5, 50MA.

Support 2:                7290.4, lower part of bull flag. 

Support 3:                7278.3, 100MA.

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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