After retouching the pennant trendline, the price gave way, falling below the 20-moving average (MA) on the four-hour time frame and briefly losing the $19,000 mark.
Generally, most traders seem to agree that after a raging 93% rally from $10,300 to $19,888, a period of consolidation is necessary.
On the daily and four-hour timeframe, traders will note that the price is still notching lower highs and higher lows, a sign that the price range is beginning to narrow.
BTC/USDT 4-hour chart. Source: TradingView
Currently, the price is still holding within the pennant trendline as support, but a breakthrough in the structure will require a high volume move as there is persistent overhead resistance at $19,500.
As mentioned in previous analysis, a drop below the $18,800 level will see BTC search for support at $17,900, and below that the $16,000 to $15,750 range.
For the short term, risk-averse traders are likely to keep a close eye on the four-hour chart to see if the price can again find support above the 20-MA in order to burst through the pennant. It is important to note that this move will require significant volume to avoid rejection in the $19,400–$19,500 resistance zone.
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