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Bitcoin Technical Analysis: BTC/USD bearish pennant pattern subject to a breakout

Bitcoin price in the second half on Thursday is nursing losses of around 0.95%.
BTC/USD price action remains within consolidation mode, following a breakout of a critical daily supporting trend line at the start of the week.
Big near-term daily support is seen at $7500 level, a break below would heavily expose $7000 to the downside.

Ken Chigbo Independent Analyst

Spot rate: 7,725.41

Relative change: -0.95%

High: 7873.40

Low: 7653.96

BTC/USD

Overview
Today last price	7740.16
Today Daily Change	-47.85
Today Daily Change %	-0.61
Today daily open	7788.01

Trends
Daily SMA20	8145.98
Daily SMA50	6810.86
Daily SMA100	5541.58
Daily SMA200	4688.14

Levels
Previous Daily High	7928.37
Previous Daily Low	7574.14
Previous Weekly High	9090.94
Previous Weekly Low	7889.67
Previous Monthly High	9090.94
Previous Monthly Low	5266.72
Daily Fibonacci 38.2%	7793.05
Daily Fibonacci 61.8%	7709.46
Daily Pivot Point S1	7598.64
Daily Pivot Point S2	7409.28
Daily Pivot Point S3	7244.42
Daily Pivot Point R1	7952.87
Daily Pivot Point R2	8117.73
Daily Pivot Point R3	8307.09

BTC/USD 60-minute chart

Price action via the 60-minute chart view is moving within a bearish penannt pattern structure, subject to further potential downside.

BTC/USD daily chart

Consolidation mode is observed via the daily chart, following the trend line break earlier in the week.

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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BTC/USD

BTC/USD 60-minute chart

BTC/USD daily chart

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