Bitcoin Technical Analysis: BTC/USD plummets 10%, as prices breaks out to the downside from rising wedge pattern

  • Bitcoin loses large ground, after worries are sparked on Indian banks close to stop dealing with cryptocurrency related companies.
  • BTC/USD price breaks out from a rising wedge pattern, in a forceful move south.


BTC/USD 60-minute chart

Spot rate:                    6180.0

Relative change:         -8.00%

High:                            6731.0

Low:                             6075.0


Trend:                          Bearish


Support 1:                   6110.2, (support on 30-minute chart) & 13th June low.

Support 2:                   6010.40, 2nd June low.

Support 3:                   5838.60 demand zone.

Resistance 1:              6725.0, underneath broken wedge pattern.

Resistance 2:              6850.2, (resistance on 60-minute chart).

Resistance 3:              6898.0 11th June high.




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