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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. 
Bitcoin technical analysis: BTC/USD bears heading for test of critical support
Ken ChigboKen ChigboIndependent 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

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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