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.

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.


Today last price 9292.92
Today Daily Change -119.99
Today Daily Change % -1.27
Today daily open 9412.91
Daily SMA20 8594.87
Daily SMA50 8732.43
Daily SMA100 9592.86
Daily SMA200 9070.94
Previous Daily High 9580.19
Previous Daily Low 9127.4
Previous Weekly High 9938.64
Previous Weekly Low 8964.78
Previous Monthly High 10484.7
Previous Monthly Low 7300.54
Daily Fibonacci 38.2% 9407.22
Daily Fibonacci 61.8% 9300.37
Daily Pivot Point S1 9166.81
Daily Pivot Point S2 8920.72
Daily Pivot Point S3 8714.03
Daily Pivot Point R1 9619.6
Daily Pivot Point R2 9826.29
Daily Pivot Point R3 10072.38



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast