Bitcoin Technical Analysis: BTC/USD awaiting its fate

Bitcoin price is trading in negative territory, down some 0.70% in the second half of the session.
BTC/USD price action is extending to the downside after it breached and closed below a bearish pennant via the daily chart view.
The price is running towards its fourth consecutive session in the red.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

The price is running towards a second consecutive week in the red, as the bears lock in on weekly support zone at $7000-6800 range.

BTC/USD daily chart

Price action is consolidating after the noted pennant breach, subject to further potential moves south.

Spot rate: 7182.20

Relative change: -0.70%

High: 7294.85

Low: 7076.67

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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