Bitcoin is trading within a flag pattern; a breakdown lingers. Technical levels are relatively positive but a catalyst will boost the bullish action above $8,100. Bitcoin surrendered the $8,000 level on Friday following an unexpected bearish wave during the European session. While targeting $7,800 support, BTC formed a low around $7,825. The shallow recovery that ensued remained largely lethargic as the price tried and failed to break above $8,000. Meanwhile, Bitcoin is settling in a flag pattern. A move that is likely to pave the way for more action towards $7,800 or even $7,400. The bearish flag pattern support is being tested at the time of writing. This continuation pattern could direct BTC/USD in a similar downtrend like the one yesterday. For now, Bitcoin is exchanging hands at $7,930. The Moving Average Convergence Divergence (MACD) suggests that bullish pressure is still present. However, Bitcoin will require a catalyst to assault the congestion of sellers at $8,000 as well as the supply zone at $8,100. BTC/USD one-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Brexit: Government may call off vote if Letwin amendment passes FX Street 3 years Bitcoin is trading within a flag pattern; a breakdown lingers. Technical levels are relatively positive but a catalyst will boost the bullish action above $8,100. Bitcoin surrendered the $8,000 level on Friday following an unexpected bearish wave during the European session. While targeting $7,800 support, BTC formed a low around $7,825. The shallow recovery that ensued remained largely lethargic as the price tried and failed to break above $8,000. Meanwhile, Bitcoin is settling in a flag pattern. A move that is likely to pave the way for more action towards $7,800 or even $7,400. The bearish flag pattern support is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
