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Bitcoin technical analysis: BTC/USD vulnerabilities tilt to the downside given daily bearish penannt structure

  • Bitcoin price is trading marginally in the red down some 0.50% in the second half of the session. 
  • BTC/USD price is finding critical support at $7500, preventing a free-fall. 
  • Price action has formed a bearish pennant structure via the daily chart view, subject to a potential breakout south. 
Bitcoin technical analysis: BTC/USD vulnerabilities tilt to the downside given daily bearish penannt structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price is attempting to bottom at the $7500 mark, failure to hold could be very punishing in inviting the $5000 territory. 

BTC/USD 60-minute chart

 Price action via the 60-minute view is moving within a narrowing range-block formation. 

Spot rate:                  8,011.71

Relative change:      -0.20%

High:                         8,052.42

Low:                          7,706.36

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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