Bitcoin price pressure to the downside shows no slowdown, $3500 at high risk

Bitcoin bears slammed the price lower, forcing breakout from triangular pattern structure.
BTC/USD bears will be eyeing a potential retest of the $3500 recent bottom to the downside.

Ken Chigbo Independent Analyst

The Bitcoin price pressure continued into the latter stages of trading on Monday. Sellers intensified into afternoon trading, after the bears made a strong break of $4000 to the downside. A wave of red was seen across the board within the market.

BTC/USD had been trading within a triangular pattern formation, which began to take shape on 25th November. The lower supporting trend line of this gave way this afternoon on Monday, which saw some stops triggered to the downside.

Eyes will be on a potential retest of the breached pattern structure, ahead of further potential downside pressure. The recent bottom down at $3500 area, remains under high threat of another retest, which could be catastrophic.

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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