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Bitcoin Technical Analysis: BTC/USD remains vulnerable to further downside pressure after Sunday disaster

  • Bitcoin price on Monday trading up with minor gains of 1.5% into the second half of the day. 
  • BTC/USD despite the gains in the session so far, does remain vulnerable to further downside pressure. 
Bitcoin Technical Analysis: BTC/USD remains vulnerable to further downside pressure after Sunday disaster
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 15-minute chart

  • Price action is narrowing within a bearish pennant pattern structure. Near-term support eyed at $3767, lower acting trend line. ]

Spot rate:               3789.89

Relative change:    +1.52%

High:                       3798.49

Low:                        3732.06

Trend:                      Bullish

Trends:
    Daily SMA20: 3651.62
    Daily SMA50: 3626.08
    Daily SMA100: 3859.74
    Daily SMA200: 5185.58
Levels:
    Previous Daily High: 4187.25
    Previous Daily Low: 3711.49
    Previous Weekly High: 3984.92
    Previous Weekly Low: 3556.71
    Previous Monthly High: 4110.71
    Previous Monthly Low: 3341.58
    Daily Fibonacci 38.2%: 3893.23
    Daily Fibonacci 61.8%: 4005.51
    Daily Pivot Point S1: 3567.34
    Daily Pivot Point S2: 3401.54
    Daily Pivot Point S3: 3091.58
    Daily Pivot Point R1: 4043.1
    Daily Pivot Point R2: 4353.05
    Daily Pivot Point R3: 4518.86

BTC/USD 60-minute chart

  • Near-term bearish pennant pattern formation eyed via the 60-minute chart view. 

BTC/USD daily chart

  • Price action via the daily is sitting on top of a pennant pattern after the bulls managed to escape this a few sessions ago.

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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