BTCUSD - Bearish Pennant – Bear Break? Key Levels

BYBIT:BTCUSD   BTCUSD Perpetual Futures Contract
Hello traders!

Today’s chart update will be on BTCUSD where it has formed a bearish pennant which is a continuation pattern.

Will Bitcoin break bearish?

Points to consider,
- Clear bears in control
- Price testing support zone
- Local resistance provided by EMA’s
- Stochastics projected downwards
- RSI testing support
- Volume declining

Bitcoin is heading to its apex where a break is imminent; price is currently testing a key support zone that needs to hold. This support zone is in confluence with the support line of the bearish pennant . Local resistance is being provided by the EMA's giving the bears an edge as price tests support. Resistance looks strong as we are in an established bear trend.

The stochastics is trading in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently testing its support level ; a break will send it closer to oversold conditions.

Volume is clearly declining as price comes closer to its apex; we need an influx of volume which will confirm a break.

Overall, in my opinion, a break will come to fruition shortly with an influx of volume . We are in a bearish trend with a bear pennant which serves as a continuation pattern. Bitcoin is more likely to test lower levels.

What are your thoughts?

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And Remember,

“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb

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