Bitcoin Technical  Analysis: BTC/USD bears bite as blood is tasted, with price falling from rising channel, post IMF warning

• Bitcoin price nursing losses of 0.8% on Tuesday, after running into near-term resistance.  
• BTC/USD breaks out from a rising channel pattern formation, sellers pile in to force lower.  
• The International Monetary Fund (IMF) sent out a warning that the “rapid growth” of bitcoin and other cryptocurrency assets could create “new vulnerabilities in the international financial system,” as the world’s banks adjust to the recent bitcoin and blockchain boom.

BTC/USD 60-minute chart  

Spot rate:                   6623.7

Relative change:       -0.80%

High:                          6682.0

Low:                           6617.4

Trend:                        Bearish

Resistance  1:            6595.5, 23.6% Fibonacci.

Resistance  2:            6605.0,underneath broken channel.  

Resistance  3:            6625.0, top area 1-5 September.

Support 1:                 6558.0,  38.2% Fibonacci.

Support  2:                 6527.0, support on 60-minute & 50% Fibonacci.  

Support  3:                 6500.0, psychological area & low area 7 October.