Bitcoin Technical Analysis: BTC/USD the breakout is due

Bitcoin trading down on Thursday 2% towards the latter part of the session.
BTC/USD has narrowing further within a bearish pennant, this can be witnessed across a number of altcoins trading behaviors.
As seen via the 60-minute chart view, price action is very much tight, very narrow range, subject to a potential explosive move.

Ken Chigbo Independent Analyst

BTC/USD 4-hour chart

Spot rate: 4452.10

Relative change: -2.10%

High: 4588.26

Low: 4364.40

Trend: Bearish

Support 1: 4400.00, lower part of pennant.

Support 2: 4319.18, daily pivot point support.

Support 3: 4092.39, daily pivot point support.

Resistance 1: 4481.65, upper part of pennant.

Resistance 2: 4700.18, daily pivot point resistance.

Resistance 3: 4854.37, daily pivot point resistance.

BTC/USD 60-minute chart view

BTC/USD price action narrowing greatly, subject to breakout , indicators in favor of market bears presently.

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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