Home Bitcoin Technical Analysis: BTC/USD bounced off a critical support line
Crypto News

Bitcoin Technical Analysis: BTC/USD bounced off a critical support line

  • Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday.  
  • BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play.  
  • Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside.  

 

Spot rate:                 5160.71

Relative change:      +3.55%

High:                        5286.82

Low:                         5060.74

 

BTC/USD 60-minute chart

  • Price action via the 60-minute chart view is moving within a bearish pennant structure.  

BTC/USD daily chart

  • The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000.  

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.