Bitcoin Technical Analysis: BTC/USD stuck in highway to hell, $3000 now eyed

  • Bitcoin price nursing deep losses of over 6% in the session on Tuesday.
  • BTC/USD moving within fast channel to the deep south, as covered in yesterday's article
  • Price manages to catch some relief on the lower supporting trend line of the channel.


BTC/USD 60-minute chart 


Spot rate:                 4407.77

Relative change:      -6.00%

High:                         4887.54

Low:                          4227.02


Trend:                       Bearish


Support 1:                 4426.88, daily pivot point support.

Support 2:                 4310.02, lower support of channel. 

Support 3:                 3550.70, daily pivot point support.

Resistance 1:            4500.00, 60-minute resistance

Resistance 2:            4585.00, upper part of channel.

Resistance 3:            5303.50, daily pivot point support.


BTC/USD weekly chart

  • Weekly chart view for BTC/USD looks worryingsome for the bulls, next major level eyed would be $3000. 




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