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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.

Ken Chigbo Independent 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 price	8701.2
Today Daily Change	-19.02
Today Daily Change %	-0.22
Today daily open	8720.22

Trends
Daily SMA20	8869.02
Daily SMA50	8582.69
Daily SMA100	9545.64
Daily SMA200	9181.28

Levels
Previous Daily High	9068.25
Previous Daily Low	8598.55
Previous Weekly High	9580.19
Previous Weekly Low	8668.6
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	8777.97
Daily Fibonacci 61.8%	8888.83
Daily Pivot Point S1	8523.09
Daily Pivot Point S2	8325.96
Daily Pivot Point S3	8053.38
Daily Pivot Point R1	8992.8
Daily Pivot Point R2	9265.38
Daily Pivot Point R3	9462.51

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

BTC/USD

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