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Bitcoin Technical Analysis: BTC/USD bulls given consolation run

  • Bitcoin price on Wednesday trading in the green with modest gains of just 2% into the second half of the day.  
  • BTC/USD giving a consolation run, as sellers temporarily run exhausted.
  • Current momentum observed from the bull camp does not look convincing at this time. 

BTC/USD 15-minute chart
 

Spot rate:                  3419.01

Relative change:      +2.12%

High:                         3452.95

Low:                          3326.27

Trend:                        Bearish

Support 1:                  3370.00, lower part of wedge (15-minute). 

Support 2:                  3224.58, daily pivot point support.

Support 3:                  3154.94, daily pivot point support.

Resistance 1:             3419.62, 15-minute resistance, near-term top.

Resistance 2:             3489.26, daily pivot point resistance.

Resistance 3:             3551.95, daily pivot point resistance.

BTC/USD 4-hour chart

  • Big near-term demand area propping up the price around the $3200-300 region. 

BTC/USD daily chart

  • Price moving within a stubborn range, suck within a high of $3600 down to a low of $3200.

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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