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Bitcoin Technical Analysis: BTC/USD remains in dangerous territory, current consolidation mode still spells trouble

  • Bitcoin seen down just shy of 1% on Friday, after a brutal week of selling. 
  • BTC/USD price moving within a narrow range, within a small structured ascending channel. 
Bitcoin Technical Analysis: BTC/USD remains in dangerous territory, current consolidation mode still spells trouble
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 60-minute chart


 


Spot rate:                   6499.9

Relative change:       -0.5%

High:                          6573.8

Low:                           6301.0

Trend:                         Bearish
 

Support 1:                 6396.5, 50MA.

Support 2:                 6330.1, lower part of ascending channel.

Support 3:                 6170.0, demand zone.

Resistance 1:            6624.6, 100MA.

Resistance 2:            6695.1, upper part of ascending channel. 

Resistance 3:            6790.4, supply zone.

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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