Bitcoin Technical Analysis: BTC/USD price has close call, saved from potential disaster, but $6000 still under threat
- Bitcoin price trading marginally on the back foot in the second half of Tuesday, down some 0.30%.
- Price has been edging lower since the high print of the session on Monday.
- BTC/USD price action moving within a channel pattern formation, further downside caught by lower supporting trend line.
- Given current technical developments, price is very close to testing $6000 again to the downside.

BTC/USD 4-hour chart
Spot rate: 6304.0
Relative change: -0.31%
High: 6383.1
Low: 6252.5
Trend: Bearish
Resistance 1: 6360.2, 100MA.
Resistance 2: 6370.5, daily pivot point resistance.
Resistance 3: 6416.7, daily pivot point resistance.
Support 1: 6284.1, lower trend line of channel.
Support 2: 6252.0, daily pivot point support.
Support 3: 6210.8, daily pivot point support.
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.




