Bitcoin Technical Analysis: BTC/USD dooms day, bears rushing towards $5000

Bitcoin price slaughtered on Thursday, nursing losses over 7% in the second half of the session.
BTC/USD bears extend their pressure to the downside, after a firm escape and close below pennant pattern.
Bears are gunning for the next major psychological mark $5000, not much support seen prior.

Ken Chigbo Independent Analyst

BTC/USD daily chart

Spot rate: 5237.7

Relative change: -7.47%

High: 5642.74

Low: 5198.30

Trend: Bearish

Support 1: 5178.04, daily pivot point support.

Support 2: 4754.31, daily pivot point support.

Support 3: 4196.29, daily pivot point support.

Resistance 1: 6272.10, underneath breached pennant.

Resistance 2: 6381.28, 50DMA.

Resistance 3: 6484.43, 100DMA.

BTC/USD weekly chart

Weekly chart looks very worrying, next major support should a further breakout occur, would be $4500.

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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