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Bitcoin Technical Analysis: BTC/USD a break of support could send price back to test $3500

  • Bitcoin nursing minor losses in the early part of trading on Friday, down just some 1.6%.
  • BTC/USD is testing an ascending trend line to the downside. At risk of a breach.
  • Should the above mentioned support give way the price could easily fall down to retest $3500.

BTC/USD 4-hour chart

 

 

Spot rate:                  4169.71

Relative change:      -1.63%

High:                         4398.23

Low:                          4149.66

Trend:                        Bearish

Support 1:                  4150.00, ascending trend line.

Support 2:                  4088.24, daily pivot point support.

Support 3:                  3930.33, daily pivot point support. 

Resistance 1:             4404.27, daily pivot point resistance.

Resistance 2:             4562.39, daily pivot point resistance.

Resistance 3:             4720.30, daily pivot point resistance.

BTC/USD 60-minute chart

  • BTC/USD can be seen testing the supporting ascending trend line to the downside, risk of breach. 

Author

Ken Chigbo

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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