Ken Chigbo
Independent Analyst
- Bitcoin is trading down some 1.80% at the time of writing, as the bulls attempt to break down $7500.
- Price action broke out of a narrowing pennant structure, inviting another wave of selling.
The Bitcoin price on Tuesday is trading in the red by some 1.80%, as some near-term selling momentum picks up pace in the second half of the session.
Market bears have resumed pressure to the downside, following a brief period of stabilization on Sunday-Monday. Narrowing in the price action forced BTC/USD to form a bearish pennant structure, which was capitalized on by the sellers.
Given the above-noted breach, it has left the price vulnerable to further downside risks. A retest of the near-term pennant is in play at the time of writing. Resistance tracking at $7225-7250, where the lock trend line can be observed
BTC/USD 15-minute chart
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