Bitcoin Price Analysis: BTC/USD calm before the huge storm, as price sits just under breached bearish pennant

The Bitcoin price on Wednesday was seen nursing small losses of around 0.5%, as if it were the clam before the storm.
BTC/USD is moving just underneath the breached bearish pennant pattern.

Ken Chigbo Independent Analyst

The Bitcoin price on Wednesday was seen trading down a small 0.5% through the mid-point of the session, although in minor negative territory, the price action still spells danger. Appearing to be the calm before the potential storm.

BTC/USD had formed a bearish pennant formation, which started to take shape on 7th September, after the chunky selling pressure triggered from 5th-6th September. During the session on 11th September, the bears managed to pile enough pressure on the lower part of the pennant, which caused a breakthrough.

Current price action can see BTC/USD tracking just before the lower supporting trend line of the above-mentioned pattern. This is seemingly playing out to the textbook, a break and now retesting, resistance is seen at $6300, with support at $6200-6150.

BTC/USD 60-minute 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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