Bitcoin technical analysis: BTC/USD vulnerabilities grow with price stuck within flag

Bitcoin price is trading in the minor negative territory, down some 0.10% in the second half of the session.
BTC/USD is still within the confinements of a bearish flag structure via the daily chart view.
Upside is largely capped by resistance at $8500, the upper acting trend line of the noted pattern.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The price has been stuck within the bearish flag for some three weeks now, failing to demonstrate momentum to breakout.

BTC/USD 60-minute chart

Price action via the 60-minute chart view is narrowing after a decent push north, but bullish momentum may have run out of steam here.

Spot rate: 8,230.72

Relative change: -0.10%

High: 8,294.74

Low: 8,201.35

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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