Bitcoin technical analysis: BTC/USD vulnerabilities grow with price stuck within flag

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  • Bitcoin price is trading in the minor negative territory, down some 0.10% in the second half of the session. 
  • BTC/USD is still within the confinements of a bearish flag structure via the daily chart view. 
  • Upside is largely capped by resistance at $8500, the upper acting trend line of the noted pattern. 

 

BTC/USD daily chart

The price has been stuck within the bearish flag for some three weeks now, failing to demonstrate momentum to breakout. 

BTC/USD 60-minute chart

Price action via the 60-minute chart view is narrowing after a decent push north, but bullish momentum may have run out of steam here. 

Spot rate:                  8,230.72

Relative change:      -0.10%

High:                          8,294.74

Low:                           8,201.35

 

 

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