Bitcoin Price Analysis: BTC/USD remains on the back foot with danger of further downside
- Bitcoin is swinging between $5500-5000 range, ahead of the big $4500 area.
- BTC/USD running at its third consecutive session in the red, having lost as much as 15% within this period.
Bitcoin price on Friday remains on the backfoot towards the latter stages of the session. BTC/USD down around 1.5%, swinging between $5500-5000 range. The consistent pressure from the bears would suggest the move is not over yet.
BTC/USD is running at its third consecutive session in the red. The price having dropped as much as 15%, from 14th November. The moves in line with the broader soft sentiment, which coincidently was triggered earlier in the week ahead of the Bitcoin Cash hard fork.
To the downside, market bears remain locked on $4500, should the current support range of $5500-5000 gives way. There isn’t much resistance seen until around $6141, just underneath the breached pennant pattern.
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.
