Bitcoin Technical Analysis: BTC/USD the sleeping bulls are close to being woken

Bitcoin is seen nursing minor losses of around 1% on Friday, as the price continues to cool at the end of the week.
BTC/USD price action has been forming a bullish flag pattern seen on the 60-minute chart.

Ken Chigbo Independent Analyst

BTC/USD 60-minute chart

Spot rate: 6920.0

Relative change: -0.99%

High: 7019.0

Low: 6893.5

Trend: Bearish

Support 1: 6900.0, support on 60-minute chart.

Support 2: 6802.9 30 August low.

Support 3: 6767.9, lower part of channel. bull flag.

Resistance 1: 6965.1. 50MA.

Resistance 2: 6986.2, upper part of channel/flag.

Resistance 3: 7020.0, resistance on 60-minute chart.

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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