RATE Group | Bearish Pennant Portends Weekend Losses
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Bearish Pennant Portends Weekend Losses

24 Nov Bearish Pennant Portends Weekend Losses

Posted at 00:00h in Bitcoin News by

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bitcoin price bearish forecast



The bitcoin price on Friday expects to close the week on another drop as it slows its upside correction following yesterday’s $400 plunge.

The BTC/USD rate is now trading at 4283-fiat, up 4.8-percent from its intraday low. The upside action is taking place as volume drops. It means that traders are showing no support to the move up, and the BTC/USD rate should fall. From a technical point of view, the pair is forming what traders call a bearish pennant. It means that traders are shorting their positions after the latest drop, leading BTC/USD to make lower highs and higher lows. Overall, the consolidation should meet a downside action.

BTC/USD 1H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

Meanwhile, the US dollar expects to lose some of its yearly gains as Brexit comes closer to a fair deal. The draft declaration agreed upon by both the United Kingdom and the European Union has created a positive atmosphere for traders, meaning that the greenback…

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