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.

Ken Chigbo Independent 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

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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