Bitcoin price analysis: BTC/USD bears may force retest of breached pennant

Bitcoin price on Tuesday is holding minor gains just shy of 1% in the second half.
BTC/USD subject to a potential retest of a breached bullish pennant structure, seen via the daily.

Ken Chigbo Independent Analyst

The Bitcoin price in the latter stages of trading on Tuesday is holding very minor gains of around 1%.

BTC/USD extended to the upside in the session on Monday, following a breakout from a bullish pennant pattern structure. The price, however, has seen a slowdown in the upside momentum, running into a barrier ahead of the $13,000 price mark.

At the time of writing, BTC/USD can be seen having some difficulty within a supply zone around $12,500. It may force a retest of the breached pennant structure, which is tracking back down around $11,300-11,100 range.

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.

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