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Bitcoin technical analysis: BTC/USD potential head and shoulders structure eyed

  • Bitcoin price on Monday is trading in positive territory by 1.80%.
  • BTC/USD there is much supply eyed between $10,500-11,000 price range.
  • Price action is stuck within another daily bearish pennant structure, subject to downside risks.
Bitcoin technical analysis: BTC/USD potential head and shoulders structure eyed
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  10,378.42

Relative change:      +1.80%

High:                         10,668.08

Low:                          10,137.88

BTC/USD daily chart

  • The price is moving within a triangular structure, with a head and shoulders patterns eyed. 

BTC/USD 60-minute chart

  • Price action via the 60-minute chart view is subject to downside risks, with the $10,000-9,500 demand area eyed.

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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