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Bitcoin Technical Analysis: BTC/USD price action remains dictated by rising wedge pattern, bulls still have chance for upside, before another drop south

  • Bitcoin price is nursing minor losses on Thursday of 0.5%, as prices across the board remain muted.
  • BTC/USD continues to trade within a rising wedge pattern, subject to an eventual breakout to the downside.
  • Upside looks capped at $6850, with near-term downside support seen at $6725.
Bitcoin Technical Analysis: BTC/USD price action remains dictated by rising wedge pattern, bulls still have chance for upside, before another drop south
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 30-minute chart

Spot rate:                    6730.7

Relative change:         -0.45%

High:                            6788.8

Low:                             6679.3

Trend:                          Bearish/Neutral

Support 1:                   6725.0, ascending trend line.

Support 2:                   6706.6, 100MA.

Support 3:                   6592.4, (support on 30-minute chart).

Resistance 1:              6745.0, 50MA.

Resistance 2:              6783.6, (resistance on 30-minute chart).

Resistance 3:              6850, upper trend line of wedge pattern.

Author

Ken Chigbo

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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