Bitcoin Price Analysis: BTC/USD vulnerabilities growing to the downside

Bitcoin price on Wednesday was seen trading in very minor negative territory by some 0.20%.
BTC/USD is moving within an ascending channel formation, as seen via the daily time frame.

Ken Chigbo Independent Analyst

Bitcoin price on Wednesday is seen nursing very minor losses of some 0.20% towards the latter part of the session. It has been a generally muted session for the market in general, continuing to move within a narrowing nature.

BTC/USD price action remains within the confinements of an ascending channel formation, subject to potential breakout south. The market bears have been testing the lower supporting trend line to the downside but remain intact for now.

In terms of the technical review, price action is vulnerable to further downside pressure, given the above-noted structure. The key tracking ascending trend line is observed at $3850-30, should the bears force a breach then a fresh wave of selling pressure may be observed. A near-term ascending channel can also be observed via the 60-minute view.

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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