Bitcoin Technical Analysis: BTC/USD could see fast run to $5000

Bitcoin price is trading in positive territory, up some 0.35% 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 may be heading for its fifth consecutive session in the red, as the bears maintain control.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

The price is still running towards another weekly close in the red, as the $7000-6800 critical zone remains at risk of a breach.

BTC/USD daily chart

Given the breach earlier in the week out from a bearish pennant, vulnerabilities remain tilted to the downside.

Spot rate: 7213.45

Relative change: +0.35%

High: 7240.65

Low: 7182.44

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 weekly chart

BTC/USD daily chart

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