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Bitcoin Technical Analysis: BTC/USD subject to a potential explosive move out from descending daily wedge

  • Bitcoin price nursing minor losses on Thursday of just 1.6% in the second half.
  • Price action is moving within a descending wedge pattern, subject to a possible breakout. 
Bitcoin Technical Analysis: BTC/USD subject to a potential explosive move out from descending daily wedge
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  3840.62

Relative change:      -1.65%

High:                         3892.45

Low:                          3816.04

Trend:                        Bearish

Support 1:                  3803.17, daily pivot point support.

Support 2:                  3717.34, daily pivot point support.

Support 3:                  3661.2, daily pivot point support.

Resistance 1:             3945.14, daily pivot point resistance.

Resistance 2:             4001.28, daily pivot point resistance.

Resistance 3:             4087.12, daily pivot point resistance.

BTC/USD 60-minute chart 

  • Price is moving within a horizontal wedge pattern, demonstrating the frustrating mundane trading range.

BTC/USD daily chart

  • BTC/USD is falling within a descending wedge pattern, could be subject to a breakout to the upside. 

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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