Bitcoin Price Analysis: BTC/USD $7000-6800 will be a big test
- Bitcoin is trading down some 0.40% at the time of writing, as the bears gradually regather control.
- Price action has broken out of a narrowing pennant structure, leaving the price vulnerable.
The Bitcoin price on Wednesday is trading in the red by some 0.80%, as some near-term selling momentum picks up pace in the second half of the session.
Market bears have resumed pressure to the downside, following a brief period of stabilization. The price has breached a bearish pennant structure via the daily view and is further extending to the downside.
Given the above-noted breach, it has left the price vulnerable to further downside risks. The next major zone is eyed at $7000-6800 price range, failure to hold could prove to be very devastating. Eyes would then be on a return down to the psychological $5000 mark.
BTC/USD daily chart
Author
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.
