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.

BTC/USD

Overview
Today last price 9292.92
Today Daily Change -119.99
Today Daily Change % -1.27
Today daily open 9412.91
 
Trends
Daily SMA20 8594.87
Daily SMA50 8732.43
Daily SMA100 9592.86
Daily SMA200 9070.94
 
Levels
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

 

 

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