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Bitcoin Technical Analysis: BTC/USD vulnerable underneath the $7500 mark

  • Bitcoin price is trading in the red, down marginally by some 0.10% in the second half of the session. 
  • BTC/USD has been consolidating over the last six weeks, following the heavy fall in November.
  • The big barrier of $7500 continues to act as a cap to any upside pressure. 
Bitcoin Technical Analysis: BTC/USD vulnerable underneath the $7500 mark
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Weekly price action remains intact within a bearish pennant formation, as BTC heads for another week in the red. 

BTC/USD daily chart

The price is heading for its fifth consecutive session in the red, as markets bears maintain full control. Price action is moving within a narrowing range block formation, given the lack of commitment for now.

Spot rate:                  7150.86

Relative change:      -0.10%

High:                         7237.59

Low:                          7031.86

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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