Bitcoin technical analysis: BTC/USD vital daily pennant retest

Bitcoin price on Tuesday in the second part of the session is nursing losses of 1.5%.
BTC/USD is at present via the daily retesting a breached pennant pattern structure.
Should the formation prove to provide support, BTC could bounce off the pattern to then continue further north.

Ken Chigbo Independent Analyst

Spot rate: 7995.57

Relative change: -1.50%

High: 8109.72

Low: 7717.88

BTC/USD

Overview
Today last price	8000.44
Today Daily Change	-109.34
Today Daily Change %	-1.35
Today daily open	8109.78

Trends
Daily SMA20	8177.26
Daily SMA50	6706.36
Daily SMA100	5462.52
Daily SMA200	4674.26

Levels
Previous Daily High	8742.59
Previous Daily Low	8053.82
Previous Weekly High	9090.94
Previous Weekly Low	7889.67
Previous Monthly High	9090.94
Previous Monthly Low	5266.72
Daily Fibonacci 38.2%	8316.93
Daily Fibonacci 61.8%	8479.48
Daily Pivot Point S1	7861.54
Daily Pivot Point S2	7613.29
Daily Pivot Point S3	7172.77
Daily Pivot Point R1	8550.31
Daily Pivot Point R2	8990.84
Daily Pivot Point R3	9239.08

BTC/USD 60-minute chart

The bulls forcing their way out from a bearish flag structure, preventing a free-fall south.

BTC/USD daily chart

Bears have forced a retest of a breached daily pennant pattern structure, the support is holding at present, which is encouraging for the bulls.

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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