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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. 
Bitcoin Technical Analysis: BTC/USD upside momentum burns out
Ken ChigboKen ChigboIndependent 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

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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