Bitcoin Technical Analysis: BTC/USD price action spells potential danger to the big $6000 level

  • Bitcoin price holding on to very modest gains on Friday, seen up around 1%. 
  • BTC/USD price action does still suggest some danger remains, as a bearish pennant pattern is eyed. 

 

BTC/USD 60-minute chart 


 
 

Spot rate:                  .6315.0

Relative change:      +1.01%

High:                         6353.4

Low:                          6220.3

 

Trend:                       Bearish

 

Resistance 1:           6225.0, upper part of pennant. 

Resistance 2:           6250.5, resistance on 60-minute chart.

Resistance 3:           6400-500, big prior serving demand area.

Support 1:                6190.0, lower part of pennant. 

Support 2:                6115.0, support on 60-minute chart. 

Support 3:                6060.0, long wick low 11 October. 

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