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Bitcoin Technical Analysis: BTC/USD the breakout is due

  • Bitcoin trading down on Thursday 2% towards the latter part of the session.
  • BTC/USD has narrowing further within a bearish pennant, this can be witnessed across a number of altcoins trading behaviors. 
  • As seen via the 60-minute chart view, price action is very much tight, very narrow range, subject to a potential explosive move. 
Bitcoin Technical Analysis: BTC/USD the breakout is due
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 4-hour chart 


 
 

Spot rate:                  4452.10

Relative change:      -2.10%

High:                         4588.26

Low:                          4364.40

Trend:                        Bearish

Support 1:                  4400.00, lower part of pennant. 

Support 2:                  4319.18, daily pivot point support.

Support 3:                  4092.39, daily pivot point support.

Resistance 1:             4481.65, upper part of pennant.

Resistance 2:             4700.18, daily pivot point resistance.

Resistance 3:             4854.37, daily pivot point resistance.

BTC/USD 60-minute chart view

  • BTC/USD price action narrowing greatly, subject to breakout , indicators in favor of market bears presently. 

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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