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Bitcoin technical analysis: BTC/USD drops 3% and breaks out of ascending channel pattern

  • Bitcoin upside remains limited due to supply zone at current levels, within $7500-7600 range.
  • Despite the drop today, BTC/USD is heading for its first week of gains in 3 weeks, looking at staging a rebound for a retracement.
  • The price was moving within a ascending channel pattern, however dropped 3% and breached this.

 

BTC/USD 60-minute chart

 

Spot rate:                                     7407.00

Relative change:               -1.00%

High:                                                       7600.00

Low:                                                       7330.00

 

Trend:                                                   Bearish

 

 

Resistance 1:                         7505, underneath the channel.

Resistance 2:                        7600.00, supply zone & today’s (Friday) high.

Resistance 3:                        7730.00, 24th May high.

Support 1:                                   7380.00, 100MA.

Support 2:                                     7270.00, 30th May low, lower trendline of channel.

Support 3:                                     7040.00, 29th May low & low of the week

 

 

 

 

 

 

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