Bitcoin Price Prediction: BTC Signals Free Fall Towards $27,000; Here are the levels to watch

Bitcoin is in a relatively non-trade zone at the time of writing. Sideways trading saw the cryptocurrency dance around $37,000 for several days. While price action towards $40,000 eases, the immediate support at $36,000 appears to be fiercely defended. Meanwhile, it's vivid enough to see the formation of a pennant pattern. This is both a technical reversal and a continuation pattern. If Bitcoin matures as expected, it could continue its downtrend and explore levels below $30,000 towards $27,000. Bitcoin Bulls Struggle With Increasing Opportunities Pennant patterns are characterized by trend lines on charts that resemble flags in their structure but converge as the asset consolidates. Note that consolidation is expected to take only one to three weeks. The volume at each point of the pennant is critical. Note that the volume should be very large at first, but weakens as the pattern narrows. At maturity, the pennant is confirmed by a large volume, which leads to another significant price move. As for Bitcoin, the bearish pennant formation is likely to result in a downward move equal to half the length of the flagpole. Therefore, traders should look for increasing volume as the price approaches the ascending trendline. BTC/USD 12 Hour Chart by Tradingview as viewed over the BTC/USD Price Chart Fence. The Moving Average Convergence Divergence (MACD) shows that the prevailing trend is somewhat in favor of the bulls. This follows a gradual move from the May low of -4,400 to levels above its average line (0.00). It is worth noting that the divergence of the MACD line from the signal line is a bullish signal. If the technical picture is correct, Bitcoin could slowly resume its uptrend as the bulls launch an attack on $40,000. Bitcoin Intraday Levels Spot: $37,480 Trend: Side Surge: Low Support: $36,000 and $34,000 Resistance: $38,000 and $40,000 Post Bitcoin Price Forecast: BTC Free Fall Signals to $27,000

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