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Bitcoin technical analysis: BTC/USD bears heading for test of critical support

  • Bitcoin price is trading in negative territory, down some 0.50% in the second half of the session.  
  • BTC/USD is back within-firm control of the market bears, running towards the fourth consecutive session in the red.  
  • The sellers managed to force a breach of a flag structure, inviting another round of selling.  

 

BTC/USD daily chart

The next major critical zone of support can be seen running from $7000 down to $6500.  

BTC/USD 60-minute chart

Price action is consolidating, moving within a bearish pennant structure, subject to a potential breach.  

 

Spot rate:                   7300.02

Relative change:       -0.50%

High:                           7412.20

Low:                           7241.49

 

 

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