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  • Bitcoin price has been trading softer on Monday, by some 1.4%, taking a breather from the heavy buying pressure.
  • BTC/USD price formation still looks promising to the upside, as It shapes a bullish flag pattern.

 

The Bitcoin price cooled on Monday, nursing small losses of just some 1.4%, after the large rally that was seen last week. It isn’t too surprising to see an easing off the upside pressure, given the large move in what was such as short amount of time.

BTC/USD price action since easing off the highs printed on 22nd September, it has formed a bullish flag pattern, within its consolidation mode. This current cooling comes following last week’s run, which saw Bitcoin gaining over 10%, printing the highest levels seen since the start of the month, 6th September.

Technically, BTC/USD looks subject to some imminent further buying pressure, but will just further consolidate for the time being. Given the bull flag pattern, it does appear susceptible to that breakout higher. The upper trend line of the patter is tracking around $6740, support seen through the whole $6500 territory.    

 

BTC/USD 60-minute chart