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Bitcoin Technical Analysis: BTC/USD has to remain a sitting duck for now

  • Bitcoin price is trading in the red, down marginally by some 0.10% in the second half of the session. 
  • BTC/USD is moving within consolidation mode, which has been the case for some five weeks now. 
  • The price range is further narrowing, which would suggest an approaching breakout to come. 

BTC/USD weekly chart

Price conditions are tight within a bearish pennant pattern, range high at $7500, low around $7000. 

BTC/USD daily chart

The current price range block has been in play since BTC stopped falling after the October-November drop. Consolidation mode has been observed since 22 November. 

Spot rate:                  7150.86

Relative change:      -1.10%

High:                         7243.79

Low:                          7177.61

source: fxstreet


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