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Bitcoin Technical Analysis: BTC/USD upside momentum burns out

Bitcoin price on Thursday trading down marginally by just 1%, with lack of commitment still from either camp.
Rallies continue to be unsustainable, as bulls lose momentum after the run on Wednesday.

Ken Chigbo Independent Analyst

BTC/USD 15-minute chart

Spot rate: 3396.20

Relative change: -1.05%

High: 3413.72

Low: 3337.73

Trend: Bearish

Support 1: 3374.73, breached descending trend line.

Support 2: 3343.3, daily pivot point support.

Support 3: 3254.82, daily pivot point support.

Resistance 1: 3503.23, daily pivot point resistance.

Resistance 2: 3574.69, daily pivot point resistance.

Resistance 3: 3663.17, daily pivot point resistance.

BTC/USD 60-minute chart

Price cushioned for now by a near-term ascending trend line, preventing a breakout to the downside.

BTC/USD daily chart

Lack of committed direction, as price trades within range block, vulnerable to downside risks.

Author

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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