BTC-USD(Bearish Pennant Breakdown)

#BTC/USD##OPINIONLEADER##BearishSentiment#

After a brief consolidation in the last two weeks, BTC opened this week with negative sentiments. BTC formed a Doji candlestick on the weekly TF which depicts that market participants are currently in a state of indecision. At the time of writing, BTC is already down by more than 7% on the weekly basis.

On the downside, BTC is trying to sustain above its 50-WEMA which is placed at $33.4K, however, if we get a decisive closing below this level, the next significant support is present at $30K as 0.618 Fibonacci retracement level is present here, followed by the next major support at $27.7K

On the higher side, BTC is not able to close above its 0.50 Fib retracement level, present at $37K on the weekly basis, however, if we get a breakout from this level, the next resistance is placed at $40K followed by $43K.

On the Daily TF, BTC has already given a breakdown from its bearish pennant formation and broke its ascending trendline support, along with a death crossover, which depicts selling pressure is most likely to continue in the coming sessions. Daily RSI has also broken its ascending trendline which also signals bearish sentiments.