Bitcoin Technical Analysis: BTC/USD big rejection and shooting star sees short lived recovery

  • Bitcoin price drops on Friday, losing the upside momentum that was behind the bulls on Wednesday and Thursday. 
  • BTC/USD sees shooting star, after rejection within big supply area of $6550-600.

 

 

BTC/USD 60-minute chart 


 


Spot rate:                  6475.5

Relative change:       -0.20%

High:                          6596.5

Low:                           6355.2

 

Trend:                        Bearish/Neutral

 

Support 1:                  6430.0,50MA.

Support  2:                 6375.5, lower part of ascending channel 100MA.

Support  3:                 6200.0, support on 60-minute chart.

Resistance 1:            6550-600, supply zone.

Resistance 2:            6591.5, upper part of channel.

Resistance 3:            6596.5, wick on shooting star & session (Friday high).

 

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.