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Bitcoin price analysis: BTC/USD moving within a large bull flag structure

FX Street
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  • Bitcoin price in the latter stages of trading on Wednesday is holding gains of 2.60%.
  • BTC/USD price action has formed a bullish flag structure, subject to a breakout north.

 

The Bitcoin price in the latter part of trading on Wednesday is holding gains of some 2.60%. Bullish momentum continued its course today, following a brief break from the buying pressure in the session on Tuesday.

BTC/USD price action has formed a bullish flag structure, which can be observed via the daily chart view. The noted pattern construction has been in play since the latter stages of June, since edging away from the $13,000 mark.

In terms of immediate resistance, this can be seen just ahead, the upper acting trend line of the flag, around $12,000. A daily closure above this could provide further room for the bulls to drive north.

 

BTC/USD daily chart

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