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Bitcoin technical analysis: BTC/USD some hope as price moves within a bullish flag

  • Bitcoin price is trading in positive territory, up some 1.30% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, has been since breaching $9000. 
  • Critical near-term support eyed at $8500, failure to hold could be punishing. 
Bitcoin technical analysis: BTC/USD some hope as price moves within a bullish flag
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

In terms of support to the downside, a big weekly level is observed at $7700. 

BTC/USD daily chart

Daily price action is moving within a bullish flag structure, subject to a breakout. 

Spot rate:                   8,993.28

Relative change:       +1.25%

High:                          8,867.69

Low:                           8,697.90

BTC/USD

Overview
Today last price8701.2
Today Daily Change-19.02
Today Daily Change %-0.22
Today daily open8720.22
 
Trends
Daily SMA208869.02
Daily SMA508582.69
Daily SMA1009545.64
Daily SMA2009181.28
 
Levels
Previous Daily High9068.25
Previous Daily Low8598.55
Previous Weekly High9580.19
Previous Weekly Low8668.6
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8777.97
Daily Fibonacci 61.8%8888.83
Daily Pivot Point S18523.09
Daily Pivot Point S28325.96
Daily Pivot Point S38053.38
Daily Pivot Point R18992.8
Daily Pivot Point R29265.38
Daily Pivot Point R39462.51

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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