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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. 
Bitcoin technical analysis: BTC/USD vulnerabilities remain despite gains
Ken ChigboKen ChigboIndependent Analyst

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. 

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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