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Bitcoin price analysis: BTC/USD $7000 territory is at risk

  • Bitcoin is trading down some 1.80% at the time of writing, as the bulls attempt to break down $7500.
  • Price action broke out of a narrowing pennant structure, inviting another wave of selling. 
Bitcoin price analysis: BTC/USD $7000 territory is at risk
Ken ChigboKen ChigboIndependent Analyst

The Bitcoin price on Tuesday is trading in the red by some 1.80%, 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 on Sunday-Monday. Narrowing in the price action forced BTC/USD to form a bearish pennant structure, which was capitalized on by the sellers. 

Given the above-noted breach, it has left the price vulnerable to further downside risks. A retest of the near-term pennant is in play at the time of writing. Resistance tracking at $7225-7250, where the lock trend line can be observed

BTC/USD 15-minute chart

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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