Bitcoin Price Analysis: BTC/USD not on the good list for a Santa rally

Bitcoin price on Wednesday nursing modest losses of just over 1%.
BTC/USD moving within a bearish pennant formation, subject to a potential extended move south.

Ken Chigbo Independent Analyst

Bitcoin price action remains very much so worrying, as it flirts with the big $4000 mark. On Wednesday, it is nursing modest losses of just some 1% in the session. BTC/USD continues to trade around the recent bottom area, showing a lack of signs for any breakout.

This time last year, BTC/USD was well into its big Santa rally, as upside momentum intensified in December of 2017. On the 5th December last year, the price was trading around the $11,500 area. Before resuming a run higher up well above $19,000 on 17th December.

Vital near-term bottom area and support should firmly be noted at $3500. Any failure of this holding could see a fast fall towards $3000. BTC/USD via the 4-hour chart view, can be seen trading within a bear pennant formation. This is subject to a chunky extended move lower, should the support as mentioned above, not hold.

BTC/USD 4-hour 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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