Bitcoin price analysis: BTC/USD appears to be a sitting suck waiting to be attacked by the market bears for another fall
|- Bitcoin price enjoying some calm before a potential storm, down just 1% on Tuesday.
- A bearish pennant pattern formation can be seen on the daily chart for BTC/USD.
The Bitcoin price is seen nursing small losses of around 1% during trading on Tuesday, it is clear that pressure is still on the crypto market across the board, as any form of upside remains contained. Trading appears quite for the time moment, almost looking like the calm before the storm with price action.
Every short-term rally Bitcoin observes of late, encounters selling pressure. Bitcoin had a spell of upside which looked as though the bulls were returning, for a strong change in trend, however that was very much short-lived, as the sellers came piling end towards the back-end of February.
Viewing the daily chart for BTC/USD, since the breakout lower of the long-term supporting trend line, the price has continued to edge lower. A bearish pennant can be seen to have formed, upside contained at the $7,000 figure, with support at $6,500. Recent sideways trading looks to be indicating a breakout is coming again.
BTC/USD daily chart
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