Bitcoin (BTC/USD) plummets to give back gains after big price rejection, vital support being tested

Bitcoin price fell sharply lower after initially holding gains through the first half of Friday’s session.
BTC/USD testing a vital area of support, this is seen at $6380 area, a breach could see a fast fall towards $6150.

Ken Chigbo Independent Analyst

The Bitcoin price was seen trading down marginally by some 0.10%, well into the session on Friday, after initially being up. Bulls ran into a key near-term resistance, swiftly being rejected, to see sellers pile in, driving BTC/USD south.

BTC/USD has been moving within a near-term triangular pattern, since Wednesday, as seen via the 60-miunte chart. The bulls have failed to sustain any form of upside momentum, each being swiftly sold, on any run seen.

Technically, a vital area of support is being tested, this is seen at $6,380 area. A breach by the bears here, could see a fast sell off, back towards $6150, 14th October low. As previously mentioned, unless the bulls are able to break through the chunky supply that runs from $6400-600 range, it will just have to remain suppressed.

BTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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