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Bitcoin Technical Analysis: BTC/USD worrying consolidation behavior

  • Bitcoin price is trading in the red, down marginally by some 1.10% in the second half of the session. 
  • BTC/USD continues to move within consolidation mode, which has been the case for some five weeks now. 
  • The price remains vulnerable underneath the $7500 mark, a large barrier.
Bitcoin Technical Analysis: BTC/USD worrying consolidation behavior
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Price action is narrowing within a range-block formation, also viewable as a potential bearish pennant. 

BTC/USD daily chart

The current price range is from a high of $7500 down to $6500, as can be seen via the daily. BTC/USD had failed to complete a double bottom technical pattern after sees a rejection at the neckline area, $7500. 

Spot rate:                  7150.86

Relative change:      -1.10%

High:                         7386.77

Low:                          7271.54

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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