Bitcoin Technical Analysis: BTC/USD danger is still at large

  • Bitcoin price on Friday down over 2%, after after further bloodshed was seen late Thursday.
  • BTC/USD price action is moving within a descending channel formation. Support being found at the lower trend line. 

 

BTC/USD 4-hour chart


 

 

Spot rate:                  3398.16

Relative change:      -2.23%

High:                         3841.59

Low:                          3299.73

 

Trend:                        Bearish

 

Support 1:                  3314.61, lower part of channel.

Support 2:                  3294.06, daily pivot point support.

Support 3:                  3153.71, psychological support. 

Resistance 1:             3708.18, upper part of channel & daily pivot point resistance.

Resistance 2:             3981.95, daily pivot point resistance.

Resistance 3:             4122.30, daily pivot point resistance.

 

BTC/USD 60-minute chart

  • Price is consolidation as seen via the 60-minute chart, following the hard fall. Moving within a range-block, subject to another potential extended move lower. 

 

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