Bitcoin Technical Analysis: BTC/USD pennant pattern breakout targets $10,000

• Bitcoin price consolidation between $9,000 and $9,600 to continue in the short term.
• The short term trend remains relatively bearish and likely to retest $9,200 support.

Spot rate: $9,291

Relative change: -28

Percentage change: -0.3%

Volatility: Expanding  

Trend: Bearish  

BTC daily chart

The impressive price action last week and the consolidation afterward formed a pennant pattern.

A breakout towards $10,000 is expected to complete the formation of the pattern in the short-run.

BTC/USD 4-hour chart

The 50 SMA is standing in line to offer immediate support for the ongoing retreat towards $9,200.

Glancing upwards correction past a triangle pattern resistance could boost BTC/USD above the $9,750 supply zone resistance.

BTC/USD 1-hour chart

$9,000 level has come up as a key support area amid the consolidation phase.

The 50 SMA and the 100 SMA collaborate to offer the much-needed power to defend $9,200 support.