Bitcoin technical analysis: BTC/USD vulnerabilities continue to point south

Bitcoin price is trading marginally in the red, down some 0.65% in the second half of the session.
BTC/USD remains within the confinements of a bearish flag pattern.
Critical daily support should be noted at $7800, failure to hold could be punishing.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The price does remain vulnerable to downside risks, given the bearish flag formation.

BTC/USD 60-minute chart

Price action is moving within a narrowing range block, subject to a potential breakout south.

Spot rate: 8,305.77

Relative change: -0.65%

High: 8,417.41

Low: 8,266.02

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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