Ken Chigbo
Independent Analyst
- Bitcoin price faces defeat again on Tuesday, hit with losses of around 1% in the session, with no sign of a slowdown.
- BTC/USD breaks a bearish pennant pattern, retests underneath, could be set for another steap fall to test $6000 mark.
The Bitcoin price was seen in negative territory on Tuesday by around 1%, as the hard-selling pressure continues to hit the market. Indicators remain bearish, which is the case across much of the crypto market wide.
BTC/USD has now dropped a chunky 16% in just 7 days of trading, a large fall in just a few sessions. Price action since 7th September had been moving within a narrowing range, having formed a bearish pennant formation.
Technically, BTC/USD remains exposed to heavy selling, given the above-mentioned bearish pennant, which has been breached and retested, playing out to the textbook. This development points to further downside for Bitcoin. Downside target would naturally be for a retest of the $6000 mark. Resistance to the upside seen underneath the breached pennant, $6270.
BTC/USD 60-minunte chart
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