- 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