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Bitcoin Technical Analysis: BTC/USD bounced off a critical support line

Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday.
BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play.
Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside.

Ken Chigbo Independent Analyst

Spot rate: 5160.71

Relative change: +3.55%

High: 5286.82

Low: 5060.74

BTC/USD 60-minute chart

Price action via the 60-minute chart view is moving within a bearish pennant structure.

BTC/USD daily chart

The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000.

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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