Home Bitcoin Technical Analysis: BTC/USD recent price behavior looks like further potential trouble is in the waiting, as bears buckle up

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Bitcoin Technical Analysis: BTC/USD recent price behavior looks like further potential trouble is in the waiting, as bears buckle up

FX Street

Updated: 3 Aug. 2018 | 14:48

Bitcoin is currently going through another session of trading in the red, nursing losses of over 2%.
BTC/USD price action within its consolidation mode, has formed a bearish pennant pattern.

BTC/USD 60-minute chart

Spot rate: 7370.1

Relative change: -2.20%

High: 7533.3

Low: 7282.1

Trend: Bearish

Support 1: 7341.5, lower part of pennant.

Support 2: 7320.4, demand zone.

Support 3: 7282.1, today’s (Friday) low.

Resistance 1: 7376.4, upper part of pennant.

Resistance 2: 7442.3, 50MA.

Resistance 3: 7475.5, supply zone.

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