Bitcoin Technical Analysis: BTC/USD price action or watching paint dry, very mundane times in stubborn range
- Bitcoin price was seen up a decent 2.5% in the session on Tuesday, as it continues to grind slowly higher.
- BTC/USD is struggling to breakdown heavily supply from $6500 to $6600.
- Price action remains stubbornly narrow in current range, breakout is around the corner.
BTC/USD 60-minute chart
Spot rate: 6406.1
Relative change: +2.5%
High: 6526.2
Low: 6245.0
Trend: Bullish
Resistance 1: 6430.3, 50MA.
Resistance 2: 6527.0, entrance to supply area.
Resistance 3: 6550.9, 19th August high.
Support 1: 6410.0, (support on 60-minute chart).
Support 2: 6310.0, demand zone big boost received in early trading today (Tuesday).
Support 3: 6232.9, 16th August low.
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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.
