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Bitcoin Technical Analysis: BTC/USD bulls trying to jump given claustrophobic channel trading

Bitcoin price sees minor jump through the mid-point of Tuesday, pushing into positive territory, with gains of 1%.
BTC/USD stuck within the range of the channel, yet to be any clear signs of an imminent breakout.
Market bears have been consistently selling any rallies seen for Bitcoin.

Ken Chigbo Independent Analyst

BTC/USD 60-minute chart

Spot rate: 6325.3

Relative change: +1.15%

High: 6362.3

Low: 6228.1

Trend: Bullish

Resistance 1: 6383.0, 50MA (60-minute).

Resistance 2: 6443.8, 100MA (60-minute).

Resistance 3: 6525.0, entrance to supply zone.

Support 1: 6240.0, support on 60-minute chart.

Support 2: 6200.5, demand area.

Support 3: 6118.8, 8th September low.

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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