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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.

Ken Chigbo Independent Analyst

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

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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