Bitcoin Technical Analysis: BTC/USD crashes below ascending trend line support by some chunky force of sellers
- Bitcoin price nursing losses of around 1% during Wednesday's session, after sellers pilling in during early hours.
- BTC/USD crashed through a supporting trend line, stops triggered to the downside around $6,560.
- Buyers jumped in within a proven demand area, ranging from $6,464-400.
BTC/USD 60-minute chart
-636747716834826656.png)
Spot rate: 6599.9
Relative change: -0.95%
High: 6663.1
Low: 6513.5
Trend: Bearish
Support 1: 6460-40, demand zone.
Support 2: 6400.0, support on 60-minute chart.
Support 3: 6331.0, 25 September low.
Resistance 1: 6560.1, 100MA (60-minute).
Resistance 2: 6575.9, breached ascending trend line.
Resistance 3: 6640.0, supply zone.
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.
More from Ken Chigbo
