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Bitcoin Technical Analysis: BTC/USD bulls forced to retreat after rejection within ascending channel

Bitcoin price was trading down on Thursday, nursing losses of around 0.50%, through the mid-point of the session.
BTC/USD price action has been moving within an ascending channel north. An attempt to breakout failed, after being rejected by upper trend line.
Resistance is still very much firm running from $6500-600 trading range. It will take much momentum to break above.

Ken Chigbo Independent Analyst

BTC/USD 4-hour chart

Spot rate: 6466.7.

Relative change: -0.51%

High: 6443.0

Low: 6510.5

Trend: Bearish

Support 1: 6405.6, daily pivot point support. & lower trend line of channel.

Support 2: 6363.5, daily pivot point support.

Support 3: 6209.1, low area 29 & 31 October.

Resistance 1: 6544.2, daily pivot point resistance & upper trend line of channel.

Resistance 2: 6634.66, daily pivot point resistance

Resistance 3: 6657.6, 8 October high.

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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