- Bitcoin price drops over 2% on Monday, crypto market wide pressure seen in the session.
- Bears are driving the price lower towards key support, $6150 area.
- BTC/USD price action moving within a triangular pattern formation, subject to a potential breakout to the downside.
- In terms of news flow, MapleExchange reportedly were ‘hacked’ for around $6 million in Bitcoin. It is noted clients can not be refunded. The company’s Twitter page and website have since been taken down.
BTC/USD 4-hour chart
Spot rate: 6267.88
Relative change: -2.04%
High: 6418.89
Low: 6383.41
Trend: Bearish
Support 1: 6165.0, consolidation area 11-14 October.
Support 2: 6100.0, demand zone.
Support 3: 6065.1, 11th October low.
Resistance 1: 6383.0, 100MA (4-hour).
Resistance 2: 6405.2, 50MA (4-hour) & upper part of triangular pattern.
Resistance 3: 6450.0, supply zone.