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Bitcoin technical analysis: BTC/USD still has some hope given bull flag structure

  • Bitcoin price in the session on Thursday is trading with minor gains of some 0.20%.
  • BTC/USD price action remains within the confinements of a narrowing triangular structure. 
  • The price within the above-noted formation has also produced a bullish flag pattern, seen over the last ten sessions. 
Bitcoin technical analysis: BTC/USD still has some hope given bull flag structure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  10,169.32

Relative change:      -0.70%

High:                         10,205.70

Low:                          10,036.92

BTC/USD daily chart

  • BTC/USD has formed a near-term bullish flag structure, which is subject to a breakout higher. 

BTC/USD 60-minute chart

  • Near-term price action is being topped by supply at $10,200 area, via the 60-minute chart view. 

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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