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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.

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