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Bitcoin Technical Analysis: BTC/USD pennant pattern breakout targets $10,000

  • Bitcoin price consolidation between $9,000 and $9,600 to continue in the short term.
  • The short term trend remains relatively bearish and likely to retest $9,200 support.
Bitcoin Technical Analysis: BTC/USD pennant pattern breakout targets $10,000
John IsigeJohn IsigeFXStreet

Spot rate: $9,291

Relative change: -28

Percentage change: -0.3%

Volatility: Expanding 

Trend: Bearish 

BTC daily chart

The impressive price action last week and the consolidation afterward formed a pennant pattern.

A breakout towards $10,000 is expected to complete the formation of the pattern in the short-run.

BTC/USD 4-hour chart

The 50 SMA is standing in line to offer immediate support for the ongoing retreat towards $9,200.

Glancing upwards correction past a triangle pattern resistance could boost BTC/USD above the $9,750 supply zone resistance.

BTC/USD 1-hour chart

$9,000 level has come up as a key support area amid the consolidation phase.

The 50 SMA and the 100 SMA collaborate to offer the much-needed power to defend $9,200 support.

BTC/USD

Overview
Today last price9292.92
Today Daily Change-119.99
Today Daily Change %-1.27
Today daily open9412.91
 
Trends
Daily SMA208594.87
Daily SMA508732.43
Daily SMA1009592.86
Daily SMA2009070.94
 
Levels
Previous Daily High9580.19
Previous Daily Low9127.4
Previous Weekly High9938.64
Previous Weekly Low8964.78
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%9407.22
Daily Fibonacci 61.8%9300.37
Daily Pivot Point S19166.81
Daily Pivot Point S28920.72
Daily Pivot Point S38714.03
Daily Pivot Point R19619.6
Daily Pivot Point R29826.29
Daily Pivot Point R310072.38

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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