BTCUSD are we close to seeing some direction?
Today’s update focuses on BTCUSD as price remains fixed in a pennant consolidation pattern.
With the Medium-term trend and possibly the longer-term trend lower, you could lean toward this being a potential continuation pattern, but as noted in the video, we defiantly think it’s essential to wait for a clear breakout before thinking about picking a direction.
In today’s European session, selling pressure has ramped up, and we see some solid selling across crypto boards. BTC is now 1.76% lower after trading in the positive earlier in the day.
Short-term support is seen at 29,000. If you’re looking for a lower breakout and continuation, a break of this level is a step in the right direction. ETHUSD also had the same pattern, but sellers look to be on the way to confirming a new lower breakout.
We will keep an eye on the crypto boards today to see if these moves continue. (Please check our market update video power by TradingView below the BTCUSD chart)
BTCUSD Video Update
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