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 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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