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Bitcoin Technical Analysis: BTC/USD struggling with game-changing barrier

  • Bitcoin price on Wednesday is trading in minor negative territory, down just shy of 1%. 
  • BTC/USD daily price action is being forced to slow down within the supply area $5500-600 range, proving some difficulty. 
  • The price is flirting within the above-noted zone, now using as support, ahead of a potential committed breakthrough. 
Bitcoin Technical Analysis: BTC/USD struggling with game-changing barrier
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  5464.82

Relative change:      -0.95%

High:                         5622.53

Low:                          5392.90

BTC/USD

Overview
Today last price5465.66
Today Daily Change-65.62
Today Daily Change %-1.19
Today daily open5531.28
 
Trends
Daily SMA205195.05
Daily SMA504489.15
Daily SMA1004055.11
Daily SMA2004549.2
Levels
Previous Daily High5632.53
Previous Daily Low5363.02
Previous Weekly High5356.72
Previous Weekly Low4948.97
Previous Monthly High4130.71
Previous Monthly Low3672.34
Daily Fibonacci 38.2%5529.57
Daily Fibonacci 61.8%5465.97
Daily Pivot Point S15385.36
Daily Pivot Point S25239.43
Daily Pivot Point S35115.85
Daily Pivot Point R15654.87
Daily Pivot Point R25778.45
Daily Pivot Point R35924.38

BTC/USD 60-minute chart

  • Price action via the 60-minute chart view is supported by a near-term ascending trend line, preventing a free-fall. 

BTC/USD daily chart

  • The price is facing stubborn supply zone tracking from $5500-600, a game-changing barrier. 

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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Bitcoin Technical Analysis: BTC/USD struggling with game-changing barrier