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.