TRENDING:
ADP Report
US midterms
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Technical Analysis: BTC/USD shaping up for another drop

  • Bitcoin price into the second half of Friday's session trading with minor losses of around 0.90%. 
  • BTC/USD bears are shaping up for another drop to the downside, within current range-block. 
Bitcoin Technical Analysis: BTC/USD shaping up for another drop
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 15-minute chart


 

Spot rate:                  3234.13

Relative change:      -0.90%

High:                         3290.27

Low:                          3192.75

Trend:                        Bearish

Support 1:                  3180.01, daily pivot point support.

Support 2:                  3096.85, daily pivot point support.

Support 3:                  2967.53, daily pivot point support.

Resistance 1:             3392.5, daily pivot point resistance.

Resistance 2:             3521.82, daily pivot point resistance.

Resistance 3:             3604.98, daily pivot point resistance.

BTC/USD 60-minute chart

  • Price action breached a triangular pattern in the session on Thursday, seeing additional pressure to the downside come into play.

BTC/USD daily chart

  • Vital near-term support and bottom area, $3200, is being tested, a breach will invite $3000 to be tested to the downside. 

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.

More from Ken Chigbo
Share:

Editor's Picks

Ripple ticks higher as selling pressure eases amid whale net outflows

Ripple ticks higher as selling pressure eases amid whale net outflows

Ripple edges higher near $1.30 on Wednesday, building on a broader crypto market recovery wave. The uptick comes amid the US midterm elections, in which the Democratic Party has clinched victory in the Senate and is on track to gain control of Congress.

Crypto Today: Bitcoin, Ethereum, XRP extend advance as US Dollar slides on Democrats' US midterm victory

Crypto Today: Bitcoin, Ethereum, XRP extend advance as US Dollar slides on Democrats' US midterm victory

Bitcoin trades above $78,000 on Wednesday as risk-on sentiment improves in the broader cryptocurrency market. Ethereum mirrors BTC’s recovery outlook, hovering above $2,300. Ripple similarly exchanges hands above $1.28, marking two consecutive days of gains.

Pi Network Price Forecast: Bullish breakout hopes fade as PI approaches record lows

Pi Network Price Forecast: Bullish breakout hopes fade as PI approaches record lows

Pi Network (PI) is trading in the red on Wednesday, hovering around $0.0755, with a downside risk toward the $0.0704 record low. The retail activity in the derivatives market declines as PI futures Open Interest plunges to nearly $7.50 million.

US midterm elections set up a potential volatility shock for BTC

US midterm elections set up a potential volatility shock for BTC

Bitcoin holds above the key 200-day EMA but remains capped by the 100-day EMA, with a breakout in either direction likely to determine its next directional bias. Analysts remain bullish on BTC but expect a significant price swing in either direction, favoring volatility-based strategies over directional bets.

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.