RATE Group | Bearish pennant breakdown targets $ 10,600
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Bearish pennant breakdown targets $ 10,600

11 Aug Bearish pennant breakdown targets $ 10,600

Posted at 21:52h in Bitcoin News by

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  • Bitcoin sees a bearish pennant breakdown on hourly chart.
  • BTC bears to extend control below a break of 11k mark.

Bitcoin (BTC/USD), the most widely traded cryptocurrency, witnessed a fresh leg lower in Sunday’s trading, having broken the overnight downside consolidative phase, as the technical set up remains in favor of the bears. The No. 1 coin’s trading range stalled its recovery attempts at the recent support-turned-resistance levels placed near 11,400 region. At the press time, the rates are seen reversing a quick dip to 11,100 lows, still down nearly 5% over the last 24 hours, and with a market capitalization of $ 201.67 billion.

From a technical perspective, the coin has displayed a bearish pennant breakdown on the hourly chart, suggesting the continuation of the recent downtrend. Adding to the bearish bias, the prices trade below all the major Hourly Simple Moving Averages (HMA) while the Relative Strength Index (RSI) on 1-hour charts has sharply…

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