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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. 
Bitcoin Technical Analysis: BTC/USD bearish pennant pattern subject to a breakout
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 7,725.41

Relative change:      -0.95%

High:                        7873.40

Low:                         7653.96

BTC/USD

Overview
Today last price7740.16
Today Daily Change-47.85
Today Daily Change %-0.61
Today daily open7788.01
 
Trends
Daily SMA208145.98
Daily SMA506810.86
Daily SMA1005541.58
Daily SMA2004688.14
Levels
Previous Daily High7928.37
Previous Daily Low7574.14
Previous Weekly High9090.94
Previous Weekly Low7889.67
Previous Monthly High9090.94
Previous Monthly Low5266.72
Daily Fibonacci 38.2%7793.05
Daily Fibonacci 61.8%7709.46
Daily Pivot Point S17598.64
Daily Pivot Point S27409.28
Daily Pivot Point S37244.42
Daily Pivot Point R17952.87
Daily Pivot Point R28117.73
Daily Pivot Point R38307.09

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

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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