Bitcoin Technical Analysis: BTC/USD daily bearish pennant structure eyed

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  • Bitcoin price on Wednesday seen holding minor gains of 0.5%, but participants remain cautious. 
  • BTC/USD price action over the daily time frame, has formed a bearish pennant structure. 

BTC/USD 15-minute chart

 

  • Bulls make near-term breakout from a bullish flag pattern structure.

 

 

Spot rate:                 3588.27

Relative change:      +0.52%

High:                         3592.52

Low:                          3557.72

 

Trend:                       Neutral

 

Support 1:                3464.96, daily pivot point support.

Support 2:                3353.14, daily pivot point support.

Support 3:                3280.95, daily pivot point support.

Resistance 1:           3648.98, daily pivot point resistance.

Resistance 2:           3721.17, daily pivot point resistance.

Resistance 3:           3832.99, daily pivot point resistance.

 

BTC/USD 60-minute chart

  • BTC/USD price action is gunning towards a breakout of a 60-minute range-block. 

BTC/USD daily chart

  •  BTC/USD moving within a bearish pennant pattern structure, subject to a breakout south.

 

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