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Bitcoin Technical Analysis: BTC/USD $6000 still in danger

Bitcoin price on Wednesday was nursing of some 1%, after the bears applied some pressure in the early part of the session.
BTC/USD has been trending lower, giving back all of the recent bull run from 31st October to 7 November.
As covered in the article yesterday, BTC/USD is still vulnerable to giving up $6000.

Ken Chigbo Independent Analyst

BTC/USD 4-hour chart

Spot rate: 6191.0

Relative change: -1.05%

High: 6294.9

Low: 6156.2

Trend: Bearish

Support 1: 6155.6, daily pivot point support.

Support 2: 6150.0, demand zone & daily support.

Support 3: 6064.7, 11 October low.

Resistance 1: 6307.5, daily pivot point resistance.

Resistance 2: 6355.2, daily pivot point resistance.

Resistance 3: 6383.4, daily pivot point resistance.

BTC/USD 60-minute chart

BTC/USD pressure weighted to the downside, buyers trying to protect the $6000 mark from being tested.

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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