Tag: Pennant

Bitcoin Price Intraday Analysis: BTC/USD Invalidates Bear Pennant

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Bitcoin price on Thursday escaped its prevailing downtrend and appreciated close to 3 percent against the US Dollar. The BTC/USD started the day in support of the late-night breakout action from Wednesday, in which the pair broke above the symmetric triangle resistance – what could have been a bear pennant if the price had continued to its downtrend. Therefore, the price continued to form high highs during the Asian trading session, a sentiment that rippled through the entire European trading day. Overall, BTC/USD managed to retest the very psychological resistance sentiment…

Bitcoin Price Intraday Analysis: BTCUSD Bull Pennant Formation

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The Bitcoin price regained some of its lost value on Thursday following a small but noteworthy correction. The BTC/USD pair yesterday established a new intraday low at 6131-fiat, a level that attracted buyers waiting to buy the dip, and has gained as much as 7% value ever since. The early Asian trading hours today witnessed a weak upside momentum, due to which price dropped towards 6181-fiat. However, in the mid-European session, the BTC/USD formed a bull flag following a sudden influx of buying orders. The pair gained 6 percent during…

Bitcoin Price Intraday Analysis: BTCUSD Forming Bearish Pennant

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Bearish bias stayed for dinner, and it now wants to stay the night. There is no stopping to the prevailing selling sentiment in the Bitcoin market. Over the past one week, after establishing a weekly high at 8512-fiat, the BTC/USD pair has slipped 11.6% already. The price action in the past 24 hours has somewhat remained stable, with the pair dropping to a new intraday low around 7280-fiat, and erasing losses in a follow-up bullish correction. We have to say that we made a minimal loss today. Upon breaking below…