Bitcoin technical analysis: BTC/USD vulnerabilities remain despite gains

  • Bitcoin price is trading firmly in the green with strong gains of over 4% in the second half of the session on Monday. 
  • BTC/USD bulls despite the gains in the session, is still moving within a narrowing daily range. 
  • Vulnerabilities still remain after the price breaking out to the downside last week below an ascending trend line of support. 

 

Spot rate:                 7966.51

Relative change:      +4.35%

High:                        8088.73

Low:                         7522.01

 

 

BTC/USD 15-minute chart

  • Near-term price action is moving within a bullish penannt pattern, subject to further potential upside, as seen via the 15-minute view. 

 

BTC/USD daily chart

  • Price action via the daily chart view is narrowing, suggesting an imminent breakout. While the price is below the breached trend line of support, vulnerabilities remain. 

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