Bitcoin technical analysis: BTC/USD bears heading for test of critical support

Bitcoin price is trading in negative territory, down some 0.50% in the second half of the session.
BTC/USD is back within-firm control of the market bears, running towards the fourth consecutive session in the red.
The sellers managed to force a breach of a flag structure, inviting another round of selling.

Ken Chigbo Independent Analyst

BTC/USD daily chart

The next major critical zone of support can be seen running from $7000 down to $6500.

BTC/USD 60-minute chart

Price action is consolidating, moving within a bearish pennant structure, subject to a potential breach.

Spot rate: 7300.02

Relative change: -0.50%

High: 7412.20

Low: 7241.49

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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