Bitcoin Technical Analysis: BTC/USD has formed bearish pennant pattern, price could be packing its bag ready to head south
- Bitcoin price was seen holding modest gains on Wednesday, some 0.6%.
- BTC/USD price action has formed a bearish pennant pattern, subject to a break lower.
BTC/USD 60-minute chart
Spot rate: 6552.0
Relative change: +0.66%
High: 6557.6
Low: 6414.1
Trend: Neutral
Support 1: 6236.4, 100MA.
Support 2: 6287.0, 50MA.
Support 3: 5951.3, lower part of pennant pattern & demand zone.
Resistance 1: 6629.6, upper part of pennant pattern.
Resistance 2: 6800.0, supply zone.
Resistance 3: 7095.1, (resistance on 60-minute chart).
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.
