Bitcoin Technical Analysis: BTC/USD remains dictated by a bearish pennant pattern, still subject to another leg lower
- Bitcoin price was seen holding modest gains of around 0.5% on Thursday, with the bears remaining on the side lines for now.
- BTC/USD price action is dictated by a bearish pennant pattern formation,
BTC/USD 60-minute chart
Spot rate: 6593.6
Relative change: +0.53%
High: 6704.7
Low: 6525.0
Trend: Neutral
Support 1: 6583.0, 50MA.
Support 2: 6523.0, 100MA.
Support 3: 6327.0, (support on 60-minute chart).
Resistance 1: 6701.2, upper part of pennant.
Resistance 2: 6900.0, 11th June high.
Resistance 3: 7300.0, (resistance on 60-minute chart).
Author
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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