Bitcoin Technical Analysis: BTC/USD bulls forced to retreat after rejection within ascending channel

  • Bitcoin price was trading down on Thursday, nursing losses of around 0.50%, through the mid-point of the session. 
  • BTC/USD price action has been moving within an ascending channel north. An attempt to breakout failed, after being rejected by upper trend line. 
  • Resistance is still very much firm running from $6500-600 trading range. It will take much momentum to break above. 



BTC/USD 4-hour chart 


Spot rate:                  6466.7.

Relative change:      -0.51%

High:                         6443.0

Low:                          6510.5


Trend:                       Bearish


Support 1:                6405.6, daily pivot point support. & lower trend line of channel.

Support 2:                6363.5, daily pivot point support. 

Support 3:                6209.1, low area 29 & 31 October. 

Resistance 1:           6544.2, daily pivot point resistance & upper trend line of channel. 

Resistance 2:           6634.66, daily pivot point resistance

Resistance 3:           6657.6, 8 October high.

Get the 5 most predictable currency pairs

About Author

Comments are closed.