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Bitcoin Price Analysis: BTC/USD is this the consolidation mode before another drop to $3000?

FX Street
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  • Bitcoin price is trading with minor gains of just some 0.80% on Monday.
  • BTC/USD has formed a bearish flag formation, this can be seen via daily chart view.

 

Bitcoin price on Monday is seen trading up over 0.80% in the session, as the price continues to lack firm commitment in direction. The market really has not fully escaped the dangers of the bears, vulnerabilities still point to the downside.

BTC/USD price action since 23rd November, has been moving within a range-formation. The upper part of this range can be observed at $4400, with the lower part of the range at $3100. This can be eyed as a potential large bearish flag formation.

Technically, BTC/USD is narrowing greatly, within this formation. The key for next committed trend change, is a break of either noted range levels; $4400 & 3100. Given the potential bear flag, there may still be room for another break south.

 

BTC/USD daily chart  

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