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Bitcoin Price Analysis: BTC/USD $5000 breach incoming

  • Bitcoin price is trading in negative territory, down 4.50% in the second half of the session. 
  • BTC/USD has been narrowing for six sessions now, at risk of another drop. 
  • The bears will need to break down $5000 to invite another wave of downside pressure. 
Bitcoin Price Analysis: BTC/USD $5000 breach incoming
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

Price action has formed a bearish pennant via the daily chart view, with a breach pending. 

BTC/USD 60-minute chart

The price has breached a bearish flag pattern, inviting for further downside pressure. Retest and rejection have also been observed. 

Spot rate:                 5270.10

Relative change:      -0.50%

High:                        5467.40

Low:                         4936.46

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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