$BTCUSD (Bitcoin / USD) – A True Breakdown, But More Weakness Ah

BTCUSD (Bitcoin / USD) – A True Breakdown, But More Weakness Ahead

Bitcoin (BTCUSD) parred losses from the earlier week with a subtle +1.45% gain. BTCUSD remains languishing at the $16,000 level as $3 billion escaped crypto exchanges in early November amid a bank run on fears of an FTX contagion.

BTCUSD daily action continue to morphed out a further Bearish Pennant pattern prompting the risk of a further accelerated sell off in near term remains.

The level of support to watch for BTCUSD this week remains at $15,630, a breakdown of the year to date low.

Bull Case: Recapturing last week losses and reclaim above $20,000.

Bear Case: Breakdown of $15,630, the year to date low.