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Bitcoin Technical Analysis: BTC/USD has formed bearish pennant pattern, price could be packing its bag ready to head south

  • Bitcoin price was seen holding modest gains on Wednesday, some 0.6%.
  • BTC/USD price action has formed a bearish pennant pattern, subject to a break lower.
Bitcoin Technical Analysis: BTC/USD has formed bearish pennant pattern, price could be packing its bag ready to head south
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 60-minute chart

Spot rate:                   6552.0

Relative change:         +0.66%

High:                           6557.6

Low:                            6414.1

Trend:                         Neutral

Support 1:                   6236.4, 100MA.

Support 2:                   6287.0, 50MA.

Support 3:                   5951.3, lower part of pennant pattern & demand zone.

Resistance 1:             6629.6, upper part of pennant pattern.

Resistance 2:              6800.0, supply zone.

Resistance 3:              7095.1, (resistance on 60-minute chart).

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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